August 29, 2025: The global supply of refined lead metal exceeded demand by 21kt during the first half of this year — with reported stock levels over the period increasing by 26kt, according to latest data published on August 25.

Provisional figures from the Lisbon-based International Lead and Zinc Study Group (ILZSG) show that stock levels jumped from the 13kt reported for the first quarter of 2025.

According to the ILZSG, stock levels were boosted by a near 1% in global lead mine production over the first half, which was primarily a consequence of increases in Bosnia and Herzegovina, China, India and Peru. However, these were partially balanced by reductions in Brazil, Kazakhstan and the US.

A 1.6% rise in global lead metal production was mainly a result of higher output in Canada, China, India, Mexico and Sweden. But these increases were partially offset by reductions in Japan, Kazakhstan and the UK.

Refined lead metal usage grew by 2.3%, mainly a result of rises in the Philippines, Taiwan, the US and Vietnam.

Demand in Europe also rose, influenced by increases in the Czech Republic, France and Germany — that were partially offset by a decline in Italy. In India and Japan, the ILZSG said usage was lower than during the same period of 2024.

Meanwhile, Chinese imports of lead contained in lead concentrates grew by 34% to 381kt. Net imports of refined lead metal totalled 9kt, compared to net exports of 14kt in the first half of 2024.

Analysis reported by Batteries International last June indicated that secondary lead smelters in China were in “dire straits”, following a fall in raw material stocks and operating activities.