Commodity Market Report
Global lead short-term outlook March 2020
Report summary
Coronavirus shifted during March from being a China-centric influence on the market to having a fully global impact as most jurisdictions attempt to contain its spread. Demand is typically relatively resilient in the face of economic shocks due to it being dominated by automotive batteries. This economic shock is different because it is the result of the lockdown of populations. We have cut 400kt from our forecast of global demand in 2020. Of course, weaker demand will already be paring back secondary supply, but the full impact of a swathe of ROW mine cuts resulting from coronavirus containment has yet to be felt by the refined market. Primary output is holding up better thanks to the availability of concentrate stocks. Lead lost 10% of its value in March, but declining spot TCs indicate that sustained ROW mine cuts may ultimately curtail primary output and so be supportive of prices. Identified planned ROW mine cuts total 97kt. 65kt/m will be lost if temporary cuts are maintained.
Table of contents
- Global
- China
- Energy storage
- Raw materials market
- Mine production news
- Smelter production news
Tables and charts
This report includes 9 images and tables including:
- Global quarterly refined lead consumption (kt)
- 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)
- 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:
Other reports you may be interested in
Commodity Market Report
Global lead short-term outlook March 2024
The increase in LME stocks in March has been a bearish optic but data do not point to a sudden deterioration in lead's fundamentals.
$5,000
Commodity Market Report
Global lead short-term outlook April 2024
A third consecutive month of minimal Chinese exports is supportive of prices that have lifted alongside a surge in cancelled LME warrants.
$5,000
Commodity Market Report
Global lead short-term outlook February 2024
Poor demand at Chinese new year saw LME stocks rise to highest level since May 2017
$5,000