In 2025, SMM expects global secondary refined lead production to exceed 8.3 million mt, accounting for 66% of the total global refined lead supply. Globally, secondary lead has surpassed primary lead as the main supply source, which is the most significant structural feature of the global lead industry.

As of 22th of October, LME zinc stocks have headed down to roughly 34,700 tons, with only 24,850 tons of on-warrant inventory immediately available for pick up, this is barely sufficient to cover one day of global zinc consumption. Comparing with the level at the start of the year (230,325 tons), LME inventory saw a drawdown by around 85%. This article addresses the current situation and gives forecasts on where the squeeze may head to.

On Monday, October 13, the International Lead and Zinc Study Group (ILZSG) stated that the global refined zinc and refined lead markets are expected to face a significant supply surplus in 2026.