Global study group sees global refined lead mkt in surplus in 2025, 2026
This story was originally published at 16:12 IST on 14 October 2025
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MUMBAI – The global refined lead market is expected to be in a surplus of 91,000 tonnes this year while a slightly larger surplus of 102,000 tonnes is expected in 2026, according to the latest forecast from the International Lead and Zinc Study Group.
The group expects global refined lead production to rise 2% to 13.34 million tonnes in 2025 and by 1% to 13.47 million tonnes in 2026. Refined lead output is expected to increase in Canada, Germany, India, Mexico, Sweden, and Brazil this year. However, these will be partially offset by a reduction in production in Kazakhstan, the UK, and the US. In 2026, production of refined lead is expected to continue to rise in Brazil and India, and recover in Kazakhstan, but fall in China and the UK, the group said.
Global demand for refined lead is forecast to increase by around 2% to 13.25 million tonnes this year and by nearly 1% to 13.37 million tonnes in 2026. Europe demand is expected to rise nearly 2% in 2025 due to a rise in demand from the Czech Republic, Germany, Poland, and the UK. In the US, demand for the metal is expected to recover by around 7% this year after an over 8% decline in 2024. Demand for the metal is also expected to rise in Brazil, the Philippines, Turkey, and Vietnamn this year but is anticipated to fall in India, Mexico, and Thailand. In 2026, demand is forecast to continue to rise in Europe, Vietnam, and the US but fall by around 2% in China, the study group said.
Global lead mine supply is expected to grow around 1% to 4.57 million tonnes in 2025 and by over 2% to 4.67 million tonnes in 2026, according to the group. In China, production is expected to increase by nearly 3% in 2025 and by 2.5% in 2026. End
Reported by Ashutosh Pati
Edited by Akul Nishant Akhoury
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