[SMM Analysis: Tariff Incident Continues to Impact Non-Ferrous Metals; May Lead Ingot Consumption Capacity May Limit Its Imports] SMM reported on May 20: In April 2025, the global lead market was influenced by multiple factors, including the macroeconomic situation, trade policies, and the supply-demand relationship. According to customs data, in April 2025, China's refined lead exports reached 3,368 mt, up 19.09% MoM and 15.54% YoY. From January to April, the total exports of refined lead and lead products amounted to 22,286 mt, with a cumulative year-on-year increase of 7.88%. On the import side, in April, China's refined lead imports were 4,734 mt, and lead alloy imports were 8,576 mt. From January to April, the total imports of refined lead and lead products reached 47,207 mt, with a cumulative year-on-year increase of 207.89%.

SMM Analysis: Refined Lead and Lead Products Imports Maintained Growth in March, High Costs Put Exports at a Disadvantage. SMM, April 22: According to customs data, the export situation in March 2025 showed that refined lead exports were 2,828 mt, down 66.57% MoM and 34.38% YoY. The total exports of refined lead and lead products in March were 16,913 mt, up 8.83% cumulatively YoY. The import situation in March 2025 showed that refined lead imports were 2,868 mt, lead alloy imports were 8,988 mt, and the total imports of refined lead and lead products were 33,981 mt, up 197.96% cumulatively YoY.

Data from the Customs Statistics Online Query Platform showed that China's imports of refined lead (unwrought refined lead) in March 2025 reached 2,867.776 mt, up 72.79% MoM. Kazakhstan was the largest supplier, with imports of refined lead (unwrought refined lead) from Kazakhstan totaling 2,181.223 mt, up 78.47% MoM. The Philippines was the second-largest supplier, with imports of refined lead (unwrought refined lead) from the Philippines amounting to 513.453 mt. Below is a breakdown of refined lead imports in March 2025 based on data from the General Administration of Customs of China:

SMM Analysis: Can Lead Prices Hold the 17,000 Yuan/mt Level Amid "Internal and External Challenges"? SMM, April 2: Recently, the price center of lead has gradually shifted downward. The most-traded SHFE lead 2505 contract successively broke through the 5-day, 10-day, 20-day, and 40-day daily average lines. As of 15:00 on April 2, SHFE lead closed at 17,360 yuan/mt, down 0.26%. Meanwhile, the US tariff hike incident has intensified, leading to widespread declines in overseas non-ferrous metals. Among them, LME lead fell below the $2,000/mt level, hitting a low of $1,984/mt, the lowest in a month.

SMM Analysis: Can Lead Prices Hold the 17,000 Yuan/mt Threshold Amid "Internal and External Challenges"? SMM, April 2: Recently, the price center of lead has gradually shifted downward. The most-traded SHFE lead 2505 contract successively broke through the 5-day, 10-day, 20-day, and 40-day daily average lines. As of 15:00 on April 2, SHFE lead closed at 17,360 yuan/mt, down 0.26%. Meanwhile, the US tariff hike incident has intensified...

[SMM Secondary Lead Inventory Weekly Review] As of March 21, 2025, the finished product inventories of secondary lead smelters stood at 9,040 mt, an increase of 300 mt WoW.