The pandemic continues to influence lead markets and will shape the industry for years to come. Supply was more severely impacted than demand and mine production will not surpass pre-pandemic levels for another two years. Demand, on the other hand, has recovered strongly and will exceed 2019 consumption this year already. The key driver for this has been replacement automotive demand, but other sectors are also recovering, although auto OEM is likely to struggle from semiconductor shortages for some time yet. Secondary supply growth will exceed primary as the glut of scrap continues to be consumed for recycling. Steady demand growth will help limit the supply-demand imbalance as the market moves into a period of sustained surpluses.