Commodity Market Report

Global lead short-term outlook February 2023

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There's been a spate of smelter news. Portovesme has closed, and Plovdiv's accident leaves it idle. Meanwhile, Stolberg's acquisition ends independent primary lead smelting given that all primary lead smelters are now effectively integrated with zinc smelters that can supply a feed of leach residues. Nevertheless, these developments are unlikely to impact the global metal balance because there is sufficient smelting capacity to process the steadily rising level of raw materials. This is reflected in continued concentrate market tightness, which is leading to lower annual contract TCs in 2023. Refined production will therefore only just keep pace with consumption, which is due to grow by 2.3%. Despite reasonably firm fundamentals, economic sentiment has weakened slightly and lead prices have not been immune to some downward pressure on the LME.

Table of contents

  • Global
  • North America
  • China
    • Concentrate market
    • Project development
    • Mines news
    • Corporate Activity
    • Smelter news

Tables and charts

This report includes 11 images and tables including:

  • Battery electric vehicle share of Chinese new energy vehicle market
  • Quarterly Consumption
  • Spot TCs have lifted from their recent lows despite a narrower LME/SHE arbitrage in February
  • Concentrate market TCs
  • Lead mine capability, market adjustment and production (kt Pb)
  • Global refined lead consumption (kt Pb)
  • Global lead mine production (lead in concentrate, kt Pb)
  • Global refined lead production (kt Pb)
  • Global primary and secondary refined lead production (kt Pb)
  • Lead stocks, prices and premia
  • Global lead supply and demand (kt)

What's included

This report contains:

  • Document

    Global lead short-term outlook February 2023

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