[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.

[SMM Analysis: Refined Lead Import and Export Situation in February and Overseas Lead Arrival Dynamics in March] SMM reported on March 20: According to customs data, for exports, refined lead exports in February 2025 were 8,460 mt, up 1,460.74% MoM and 370.16% YoY; the combined export volume of refined lead and lead products from January-February was 11,685 mt, up 30.64% YoY. For imports, refined lead imports in February 2025 were 1,660 mt, and lead alloy imports were 8,498 mt. The combined import volume of refined lead and lead products from January-February was 21,958 mt, up 208.45% YoY.

SMM Analysis: Refined Lead Imports and Exports in February and Overseas Lead Arrivals in March According to customs data, for exports: In February 2025, refined lead exports were 8,460 mt, up 1460.74% MoM and 370.16% YoY; the combined exports of refined lead and lead products from January-February were 11,685 mt, up 30.64% YoY. For imports: In February 2025, refined lead imports were 1,660 mt, and lead alloy imports were 8,498 mt. The combined imports of refined lead and lead products from January-February were 21,958 mt, up 208.45% YoY.

SMM Shanghai and Other 1# Lead Markets: Increased Imports and Secondary Lead Supply, Downstream Enterprises Maintain Just-in-time Procurement SMM reported on March 20: In the Shanghai market, Chihong lead was quoted at 17,625-17,645 yuan/mt, with a premium of 10-30 yuan/mt against the SHFE 2504 contract; in the Jiangsu and Zhejiang regions, Tongguan, JCC, and Jinde lead were quoted at 17,615 yuan/mt, on parity with the SHFE 2504 contract. The SHFE lead maintained a high-level consolidation, suppliers quoted according to the market trend, and due to the fact that delivery sources had not yet entered the market, there were fewer quotes...

[SMM Analysis: Brief Opening of Lead Ingot Import Window in December: Crude Lead Imports Surpass Refined Lead] SMM, January 21: According to customs data, export situation: In December 2024, refined lead exports totaled 747 mt, down 64.61% MoM and 95.16% YoY; from January to December, total exports of refined lead and lead materials reached 21,993 mt, down 88.32% YoY. Import situation: In December 2024, refined lead imports amounted to 4,006 mt, while lead alloy imports were 10,771 mt...