In summary, the import dividends marginally faded in June, while exports experienced a periodical recovery. The narrowing of the import window in July will cause monthly imports to decline significantly, and the annual trade pattern will enter a new phase of reduced imports and export recovery.

[Lead Import and Export Data] According to customs data, in June 2026, China's exports of refined lead were 4,173 mt, up 96.71% MoM and 31.11% YoY; combined exports of refined lead and lead products from January to June totaled 26,210 mt, down 24.57% YoY on a cumulative basis. On the import side, June imports of refined lead were 15,094 mt, imports of lead alloy were 22,992 mt, and combined imports of refined lead and lead products from January to June reached 286,747 mt, surging 282.26% YoY on a cumulative basis.

SMM July 3 News: Overnight, lead prices edged up slightly. Domestic smelters mostly maintained a wait-and-see stance, waiting for the futures market to stabilize. Smelters faced significant loss pressure, while prices for finished lead exports weakened. Coupled with high costs of raw materials such as scrap batteries, enterprises' willingness to adjust prices remained generally conservative. During the week, the pace of raw material circulation diverged: in the first half, lead prices continuously declined, and recyclers' willingness to sell rose significantly; in the second half, the market's available supplies gradually tightened. Combined with today's rebound in lead prices, smelters did not simultaneously raise their purchase prices, and recyclers' enthusiasm for selling also cooled. Overall, in the short term, purchase prices for scrap batteries will remain stable.

According to data from China Customs, in January-May 2026, China’s combined imports of refined lead and lead products totaled 248,443 mt, surging 291.06% YoY on a cumulative basis. The import window was wide open for most of H1, and overseas cargoes kept pouring in. Total imports had already exceeded the full-year 2025 level. On the export side, combined exports of refined lead and lead products in January-May amounted to only 20,197 mt, down 32.49% YoY, remaining at low levels.

According to statistics from the General Administration of Customs of China, in January-May 2026, China's cumulative imports of refined lead and lead materials totaled 248,443 mt, a YoY surge of 291.06%. The import window remained open throughout H1, with a steady influx of supply from outside China, and total imports had already exceeded the level for the full year 2025. On the export side, combined exports of refined lead and lead materials in January-May stood at only 20,197 mt, down 32.49% YoY, and remained at a low level overall.

[Lead Import and Export Data] According to customs data, in May 2026, China’s refined lead exports were 2,122 mt, up 128.99% MoM and down 61.8% YoY.

In April 2026, domestic lead prices overall moved sideways, with spot cargo and futures trends remaining relatively stable. According to SMM data, the average spot price of SMM #1 lead ingot in April was 16,525 yuan/mt, with prices operating steadily within the range during the month, rising first then declining. Futures market, SHFE lead contract prices were generally higher than spot prices……

According to the latest data from China's General Administration of Customs (compiled by SMM), the import and export of refined lead and lead alloys in March 2026 were as follows: China's refined lead exports totaled 3,190 mt, down 36.83% MoM and up 12.78% YoY. From January to March, combined exports of refined lead and lead products totaled 12,950 mt, down 23.43% YoY on a cumulative basis.

[SMM Data: Complete Summary of SMM March 2026 Import and Export Data] SMM March 2026 import and export data showed: copper cathode net imports were down YoY; primary aluminum imports reached 255,000 mt, up 14.8% YoY; refined lead imports climbed sharply; zinc ingot imports were up 220% MoM; tin ore imports were up 122% YoY; silver imports were up 93% MoM; steel exports rebounded MoM; PV module export value was up 122.7% MoM; silicon metal exports were up 43% MoM, and magnesium exports hit a multi-year high. Among new energy materials, exports of LiPF6 and artificial graphite surged significantly.

[Latest Data from the General Administration of Customs] According to customs data, in March 2026, China's refined lead exports totaled 3,190 mt, down 36.83% MoM but up 12.78% YoY. Cumulative refined lead and lead product exports from January to March totaled 12,950 mt, down 23.43% YoY.