Global supply of refined lead metal exceeded demand by 7kt in the first quarter of 2026, 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 48kt, the group said in a summary released in June.

Global lead mine production remained stable compared to the same period of 2025 — mainly due to increases in Portugal and Turkey that were balanced by reductions in China, Sweden and the US.

A dip in global lead metal production of 0.6% was mainly influenced by reductions in China, Mexico and South Korea, while output increased in Brazil, partially due to the commissioning of new secondary capacity last year.

Meanwhile, refined lead metal usage increased by only 0.1%, which ILZSG said was mainly the result of rises in Brazil, Spain and the US that were largely offset by decreases in Argentina, Mexico, South Korea, Turkey and the UK.

Chinese imports of lead contained in lead concentrates grew by 4.7% to 412kt, while net imports of refined lead metal totalled 126kt, an increase of 122kt compared to the first four months of 2025.

ILZSG’s latest report follows a forecast the group issued last April that the global surplus of refined lead metal is set to increase further by the end of this year, with supply expected to outstrip demand by 109kt.

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