Worldwide refined lead metal supply exceeded demand by 49kt during the first half of this year, according to provisional data from the Lisbon-based International Lead and Zinc Study Group (ILZSG).

Over the same period, total reported stock levels increased by 62kt, according to the group’s update released on August 26.

Meanwhile, global lead mine production fell by 3%, mainly due to decreases in China, Peru, South Africa, Sweden and the US — although those reductions were partially offset by rises in Mexico and Portugal.

ILZSG said a 0.5% rise in global lead metal production was mainly a result of higher output in India, Kazakhstan and Brazil, where new secondary capacity was commissioned last year. However, in China, Mexico and the UK, output was lower than during the same period of 2025. 

Refined lead metal usage fell by 0.6%, mainly as a result of declines in Argentina, South Korea, Mexico, the Philippines, Turkey and the UK, that were partially balanced by rises in Brazil, India, Indonesia and Pakistan.

Chinese imports of lead contained in lead concentrates grew by 3.3% to 610kt, while net imports of refined lead metal totalled 190kt — an increase of 181kt compared to the first half of 2025.

Batteries International reported in July that some refined lead and alloy smelters in China had cut or halted production as domestic secondary lead smelters faced increasing cost pressures.

The latest ILZSG report shows the world is on track to meet the group’s forecast, issued earlier this year, of further increases in the global surplus of refined lead metal for 2026.

On August 1, Indian lead recycler Gravita closed a lead recycling subsidiary in the north of the country as part of a group consolidation plan, saying the same line of business was already underway at the group’s Jaipur manufacturing facility.