Global lead short-term outlook May 2023 Report

Commodity Market Report 31 May 2023

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Report summary

Lead's relative stability related to the importance of recycling and the replacement automotive battery sector has been demonstrated during May. The wider slide in metal prices on the back of macroeconomic bearishness took lead with it, but lead's losses were far more modest, particularly in local currency terms. The SHFE/LME arbitrage continues to point to relative weakness in China and exported metal has led to inflows at LME warehouses in Asia.

Supply Demand Balance
Global
US
China
Japan
India
Europe
- Concentrate market
- Mines news
- Corporate activity
- Smelter news

Tables and charts

This report includes 18 images and tables including:

Steady lead stays in th emiddle of the pack
Volatile zinc swings the Zn:Pb ratio

Widespread Chinese refined exports continue in 2023 Q1
Refined Lead Premia and Scrap Prices
Price forecasts and global quarterly supply/demand balances (kt)
Quarterly Consumption
Concentrate market TCs
April's imports remain at a seasonally-adjusted annual rate slightly higher than the total for 2022
Acid prices in May have slipped to levels that risk jeopardising the fortunes of Chinese smelters
TCs have been slow to lift despite a persistent LME/SHE arbitrage that widened further in April
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)