For the Quarter Ending September 2025
North America
• In United States, the Lead Metal Price Index fell in Q3 2025, influenced by global market surplus and weak industrial production.
• Lead Metal production costs rose; CPI increased 3.0% (September 2025) and PPI rose 2.6% (August 2025).
• Energy costs for Lead Metal production increased; US natural gas prices rose year-over-year in September 2025.
• Lead Metal demand was supported by strengthening US light vehicle production in Q3 2025.
• Robust retail sales, up 5.42% (September 2025), boosted automotive battery demand.
• Industrial production grew only 0.1% (September 2025), indicating sluggish industrial demand.
• Consumer confidence declined to 94.2 (September 2025), reducing consumer-driven Lead Metal purchases.
• Unemployment rate was 4.3% (September 2025), suggesting a stable but not booming labor market.
• Global refined lead metal market shifted to a surplus in early 2025, impacting price stability.
• US lead ore exports surged in July 2025; import volumes softened, influencing domestic supply.
Why did the price of Lead Metal change in September 2025 in North America?
• Global refined lead metal market surplus created downward pressure.
• Industrial production grew only 0.1%, signaling weak Lead Metal demand.
• Rising energy costs increased Lead Metal production expenses.
APAC
• In China, the Lead Metal Price Index fell quarter-over-quarter in Q3 2025, influenced by contracting manufacturing activity in September 2025.
• Lead Metal demand faced headwinds from a -0.3% CPI YoY in September 2025, indicating weak consumer purchasing power.
• Despite consumer confidence at 89.6 index in September 2025, automotive sales strengthened in Q3 2025, boosting battery demand.
• Lead smelting costs increased in August 2025, exacerbated by coking coal price rebounds throughout Q3 2025.
• Lead concentrate spot treatment charges settled lower in September 2025, implying higher raw material costs for smelters.
• China's refined lead exports increased significantly in August 2025, while overall refined lead imports declined year-over-year.
• Social inventory of lead ingots increased in July 2025, then experienced weekly depletion in August 2025.
• Primary lead production decreased in July 2025 but edged up in August as some smelters resumed operations.
• A -2.3% PPI YoY in September 2025 reflected weak industrial demand, impacting lead-consuming industries.
• Industrial production grew 6.5% YoY in September 2025, providing some underlying support for lead demand.
Why did the price of Lead Metal change in September 2025 in APAC?
• Weak industrial demand, evidenced by a -2.3% PPI YoY in September 2025, pressured Lead Metal prices.
• Contracting manufacturing activity in September 2025, despite 6.5% industrial production growth, dampened overall demand.
• Increased smelting costs in August 2025 and lower lead concentrate treatment charges impacted producer margins.
Europe
• In Germany, the Lead Metal Price Index fell quarter-over-quarter in Q3 2025, influenced by contracting industrial activity.
• Lead Metal production costs declined in Q3 2025, as producer prices decreased by 1.7% year-on-year in September 2025.
• Demand for Lead Metal was pressured by a 1.0% year-on-year decline in Germany's industrial production in September 2025.
• The Manufacturing Index showed a contracting trend in Q3 2025, signaling reduced demand for raw materials like Lead Metal.
• Automotive sector output surged in September 2025, providing a key positive demand driver for Lead Metal batteries.
• Global refined lead metal surplus expanded in July 2025, contributing to downward pressure on the Lead Metal Price Index.
• European natural gas prices declined year-on-year in Q3 2025, easing energy-related production costs for Lead Metal.
• Lead concentrate treatment charges faced downward pressure in Q3 2025, further reducing Lead Metal production expenses.
Why did the price of Lead Metal change in September 2025 in Europe?
• Producer prices for industrial products decreased by 1.7% year-on-year, reducing Lead Metal production costs.
• Germany's industrial production declined 1.0% year-on-year, dampening overall demand for Lead Metal.
• Global refined lead metal surplus expanded in July 2025, contributing to a bearish market sentiment.