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Informist, Tuesday, Feb. 25, 2025

MUMBAI – Global production of refined lead fell 1.7% on year to 13.01 million tonnes in 2024 and demand fell by 0.8% to 12.98 million tonnes, leading to a reduction in the surplus of the metal to 36,000 tonnes in 2024 from 153,000 tonnes in the previous year, the International Lead and Zinc Study Group said in a report.

A fall in output of refined lead was mainly due to a significant decline in production in China and Canada, where scheduled maintenance at Teck Resources' Trail operations impacted production during the second quarter, it said. These reductions were partially offset by increases in output in Australia, India, Japan, and South Korea. Production of the metal in Europe rose 2.1% on year last year.

Production of refined lead in China, the largest producer of the metal, declined by 7.2% to 5.28 million tonnes in 2024. China accounts for over 40% of the total production of the metal. Output in India, the second largest producer, rose 6% on year to 1.1 million tonnes.

Lead mine production rose by 1.9% to 4.56 million tonnes in 2024, as rises in output in Australia, Bolivia, Bulgaria, Kazakhstan, Peru, Sweden, and the US were partially balanced by reductions in China, Ireland, Portugal, and South Africa, the study group said. The output of refined lead metal from secondary raw materials accounted for 67.5% of global production in 2024, compared with 67% in 2023, the group said.

Demand for the metal declined by 0.8% in 2024 as increases in consumption in Brazil, India, South Korea, and Vietnam were more than balanced by a fall in consumption in Europe, China, Japan, Turkey, and the US. Inventories held at warehouses accredited with the London Metal Exchange and the Shanghai Futures Exchange, along with those reported by producers, consumers, and merchants, rose by 104,000 tonnes to 549,000 tonnes in 2024, the study group said.

On the LME, the average cash price of lead fell 3.1% on year to $2,073 per tonne in 2024. At 1525 IST, the three-month lead contract on the LME was at $1,983 per tonne, down 0.3% from the previous close.  End

US$1 = INR 87.21

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Ashutosh Pati

Edited by Saji George Titus

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