Global lead short-term outlook September 2022 Report

Commodity Market Report 30 September 2022

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Report summary

Prices were being driven by US dollar strength and wider weak market sentiment for much of September. However, given that lead is insulated from much of the worst of cyclical demand destruction, its losses were relatively modest. Moreover, news of supply disruption associated with increased energy prices has spread to the lead market. It is not obvious that this disruption will result in global metal market tightness because there is scope for displaced raw materials to be processed at other smelters. For now, lead has largely recovered all that it lost.

Supply-demand balances
- China
- US
- Concentrate market
- Current mine developments
- Project development
- Corporate Activity
- Smelter and refinery developments

Tables and charts

This report includes 15 images and tables including:

Exchange stocks approach record lows
Closure news boosts lead price at end of September
Refined lead premia and scrap prices

Price forecasts and global quarterly supply/demand balances (kt)
Quarterly consumption
The arbitrage was again attempting to move into positive territory during September
Concentrate market TCs
China's sulphuric acid prices stabilised in September following a sharp fall in July-August
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)