For the Quarter Ending June 2026
Lead Metal Prices in North America
- In the United States, the Lead Metal Price Index rose quarter-over-quarter in Q2 2026, driven by increased producer inflation.
- Lead Metal prices were assessed at USD 1,850/MT USA.
- Producer Price Index year-over-year increased by 5.5% in June 2026, significantly raising lead production costs.
- Industrial electricity prices generally inched up during Q2 2026, contributing to higher lead manufacturing expenses.
- Retail sales year-over-year grew by 6.9% in May 2026, boosting demand for automotive lead-acid batteries.
- The unemployment rate of 4.2% in June 2026 and Consumer Confidence of 91.2 supported consumer spending on durable goods.
- Consumer Price Index year-over-year rose by 3.5% in June 2026, indicating persistent inflation affecting operational costs.
- Industrial production year-over-year grew by 0.7% in June 2026, indicating modest expansion in industrial lead consumption.
- North American vehicle production slightly declined year-over-year in Q2 2026 but exceeded monthly plans.
- The Lead Metal Price Index is forecast to remain firm due to persistent inflation and steady demand in Q2 2026.
Why did the price of Lead Metal change in June 2026 in North America?
- Producer Price Index year-over-year rose by 5.5% in June 2026, increasing lead production costs in North America.
- Industrial electricity prices generally inched up during Q2 2026, impacting lead manufacturing expenses.
- Robust retail sales growth of 6.9% in May 2026 supported strong demand for lead-acid batteries.
Lead Metal Prices in APAC
- In China, the Lead Metal Price Index fell quarter-over-quarter in Q2 2026, driven by weak demand and rising inventories.
- Lead-acid battery demand remained weak in June 2026, particularly for battery plates and finished batteries.
- Lead Metal production costs rose in June 2026 due to elevated scrap battery costs and tight concentrate supply.
- Lead inventories in China climbed to a six-month high in June 2026, indicating market oversupply.
- China's Manufacturing Index expanded in June 2026, with Industrial Production growing by 5.3% year-over-year.
- Subdued consumer demand was reflected by a 1.0% CPI increase and 1.0% retail sales growth in June 2026.
- Producer Price Index (PPI) rose by 4.1% year-over-year in June 2026, indicating higher input costs for producers.
- Secondary lead production cuts in May and June 2026, alongside NEV adoption, impacted overall demand.
Why did the price of Lead Metal change in June 2026 in APAC?
- Weak lead-acid battery demand and minimal restocking contributed to price declines in June 2026.
- Rising lead inventories in China, reaching a six-month high, pressured prices downward in June 2026.
- Elevated scrap battery costs and tight concentrate supply increased production costs in June 2026.
Lead Metal Prices in Europe
- In Germany, the Lead Metal Price Index fell quarter-over-quarter in Q2 2026, driven by building surplus.
- Lead Metal production costs rose in Q2 2026, influenced by a 2.2% increase in producer prices in May 2026.
- Demand for Lead Metal weakened as German passenger car production declined in April and May 2026.
- Overall input costs for German industry rose in Q2 2026, with CPI at 2.3% in June 2026.
- Lead concentrate inventory at main ports increased in Q2 2026, contributing to market surplus.
- Industrial electricity prices challenged energy-intensive industries in Germany during Q2 2026.
- Germany's Manufacturing Index contracted in June 2026, reflecting reduced activity and lower demand.
- Stagnant industrial production in May 2026, at 0.0% year-on-year, impacted Lead Metal demand.
- Retail sales in Germany increased by 1.8% in May 2026, offering indirect support for demand.
Why did the price of Lead Metal change in June 2026 in Europe?
- The global refined lead market experienced building surplus conditions in Q2 2026, increasing supply pressure.
- German domestic passenger car production generally weakened in April and May 2026, reducing key end-use demand.
- Germany's Manufacturing Index contracted in June 2026, indicating a slowdown in industrial activity
For the Quarter Ending March 2026
Lead Metal Prices in North America
- In United States, the Lead Metal Price Index rose quarter-over-quarter in Q1 2026, driven by production costs.
- The Lead Metal Production Cost Trend increased in March 2026 as producer prices rose 4.0% year-over-year.
- Consumer prices increased 3.3% year-over-year in March 2026, elevating freight transportation expenses for heavy commodities.
- Retail sales grew 4.0% year-over-year in March 2026, supporting the Lead Metal Demand Outlook for replacement batteries.
- A 4.3% unemployment rate in March 2026 maintained commuting volumes, ensuring steady vehicle battery degradation.
- Consumer confidence reached 91.8 in March 2026, shifting consumer behavior toward maintaining existing vehicles and replacing parts.
- Industrial production grew 0.7% year-over-year and the Manufacturing Index expanded in March 2026, driving backup power needs.
- Lead concentrate feedstock availability tightened and natural gas energy costs for smelting operations strengthened in Q1 2026.
- Automotive replacement battery demand strengthened in February 2026, supporting a firm Lead Metal Price Forecast.
Why did the price of Lead Metal change in March 2026 in North America?
- Tightened lead concentrate feedstock and elevated natural gas costs constrained primary supply in Q1 2026.
- Recycled lead output weakened due to limited scrap battery availability for smelters in Q1 2026.
- The global supply surplus narrowed, reducing inventory pressure and supporting higher prices in Q1 2026.
Lead Metal Prices in APAC
- In China, the Lead Metal Price Index fell quarter-over-quarter in Q1 2026, as procurement demand weakened significantly.
- The Lead Metal Demand Outlook stabilized in March 2026, supported by a 1.0% CPI increase ensuring consumption.
- The Lead Metal Production Cost Trend declined in March 2026 despite a 0.5% PPI rise, as feedstock weakened.
- The Manufacturing Index expanded and industrial production grew 5.7% in March 2026, driving motive power battery consumption.
- Retail sales grew 1.7% and unemployment reached 5.4% in March 2026, dampening primary automotive lead battery demand.
- Consumer confidence hit 91.6 in February 2026, causing cautious spending, though automotive demand stabilized in Q1 2026.
- Refined lead import volumes surged significantly while export volumes plummeted during Q1 2026, elevating regional social inventories.
- The Lead Metal Price Forecast remained subdued in March 2026 as social warehouse inventories depleted late month.
Why did the price of Lead Metal change in March 2026 in APAC?
- Lead concentrate and scrap feedstock costs weakened, impacting regional smelter production economics in March 2026.
- Procurement demand for lead ingots weakened as the market approached its traditional off-season in March 2026.
- Refined lead import volumes surged significantly while export volumes plummeted across the region in Q1 2026.
Lead Metal Prices in Europe
- In Germany, the Lead Metal Price Index fell quarter-over-quarter in Q1 2026, driven by weakened consumption.
- The Lead Metal Production Cost Trend rose in March 2026 as 2.7% inflation increased smelting expenses.
- Upstream costs eased with producer prices at -0.2% in March 2026; natural gas plummeted in January 2026.
- The Manufacturing Index expanded in March 2026, supporting the Lead Metal Demand Outlook for automotive production.
- Stagnant industrial production at 0.0% in February 2026 limited machinery output, causing excess inventory in Q1 2026.
- Retail sales grew 0.7% and unemployment stayed at 4.2% in February 2026, sustaining replacement battery demand.
- Consumer confidence at -24.7 in March 2026 impacted OEM batteries, despite strengthened car registrations in Q1 2026.
- The Lead Metal Price Forecast indicated downward pressure in Q1 2026 due to accumulated regional excess inventory.
Why did the price of Lead Metal change in March 2026 in Europe?
- Overall European lead consumption weakened in Q1 2026, directly reducing the baseline industrial market demand.
- Regional excess inventory accumulated in Q1 2026, creating downward pressure on regional market trading values.
- Natural gas and electricity costs plummeted in Q1 2026, significantly lowering primary smelting operational expenses.
For the Quarter Ending December 2025
Lead Metal Prices in North America
- In the United States, the Lead Metal Price Index rose in Q4 2025, driven by robust demand and rising production costs.
- Lead Metal production costs increased in Q4 2025 due to soaring industrial electricity and natural gas prices.
- Lead Metal demand strengthened, supported by a 2.0% year-over-year rise in industrial production in December 2025.
- Consumer spending, up 3.3% year-over-year in November 2025, bolstered automotive sector demand.
- Inflationary pressures, with CPI up 2.7% year-over-year in December 2025, raised Lead Metal input costs.
- Rising input costs, with PPI up 3.0% year-over-year in November 2025, impacted Lead Metal pricing.
- Lead received a critical mineral designation in November 2025, highlighting its importance for infrastructure.
- LME lead inventories remained flat throughout the second half of 2025, indicating balanced supply.
- US exports of lead ore plummeted between September and October 2025; imports from Canada inched up.
Why did the price of Lead Metal change in December 2025 in North America?
- Industrial and commercial electricity costs soared in the US during Q4 2025, increasing Lead Metal production expenses.
- Robust consumer spending, with retail sales up 3.3% year-over-year in November 2025, boosted automotive demand.
- Consumer confidence at 89.1 in December 2025 moderately supported spending on new cars.
Lead Metal Prices in APAC
- In China, the Lead Metal Price Index rose in Q4 2025, and reached at USD2094 /MT driven by tight supply and robust industrial demand.
- Lead Metal production costs increased in Q4 2025 from tight concentrate supply in October 2025 and declining treatment charges.
- Demand for Lead Metal strengthened in Q4 2025, supported by robust automotive production and sales in China.
- China's industrial production grew by 5.2% year-over-year in December 2025, boosting overall industrial demand.
- The Manufacturing Index expanded in December 2025, indicating manufacturing sector growth, positively impacting Lead Metal demand.
- Primary lead production in China edged down in October 2025 due to concentrate shortages and unplanned production cuts.
- China's CPI increased by 0.8% and PPI declined by 1.9% year-over-year in December 2025, showing mixed economic trends.
- Retail sales grew by 0.9% and unemployment was 5.1% year-over-year in December 2025, indicating subdued consumer spending.
Why did the price of Lead Metal change in December 2025 in APAC?
- Tight lead concentrate supply in October 2025 constrained smelter output, increasing raw material costs.
- Robust automotive production and sales in Q4 2025 drove strong demand for lead-acid batteries.
- China's industrial production increased by 5.2% year-over-year in December 2025, bolstering overall industrial demand.
Lead Metal Prices in Europe
- In Germany, the Lead Metal Price Index declined in Q4 2025, influenced by contracting manufacturing activity in December 2025.
- Lead Metal production costs rose in Q4 2025 due to elevated industrial electricity prices throughout the quarter.
- Natural gas costs for industry remained high in late 2025, with European market prices surging in November 2025.
- Lead concentrate supply tightened in H2 2025, raising concerns about stability and increasing raw material costs in Q4 2025.
- Automotive demand strengthened in December 2025, with new car registrations increasing, supporting Lead Metal consumption.
- Industrial production in Germany increased by 0.8% year-on-year in October 2025, indicating slight growth.
- The Producer Price Index declined by 2.5% year-on-year in December 2025, reflecting deflationary pressures.
- Consumer confidence was significantly negative at -17.5 in December 2025, impacting discretionary spending.
- The unemployment rate reached 6.2% in December 2025, suggesting a weakening labor market.
Why did the price of Lead Metal change in December 2025 in Europe?
- The Manufacturing Index contracted in December 2025, reducing overall industrial demand for Lead Metal.
- Industrial electricity and natural gas costs remained elevated in Q4 2025, increasing Lead Metal production expenses.
- Lead concentrate supply tightened in H2 2025, impacting raw material availability and contributing to cost pressures.
For the Quarter Ending September 2025
Lead Metal Prices in 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.
Lead Metal Prices in 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.
Lead Metal Prices in 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.
