Lead: Things to look for in 2025 Report

Insight 10 January 2025

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Report summary

Spot TCs have strengthened marginally in the last few months, but still indicate the benchmark will be set at an all time low. Smelters in China curtailed output last year, and this year's annual treatment charge contract is likely to see the margin pressure spread to rest of world plants. The question is how will smelters respond. Will mine supply improve and reduce the pressure on battery scrap demand? Meanwhile, the global economy remains fragile, and the incoming Trump administration represents a wild card with the potential to affect global growth, lead demand and movements in the price. In this insight we look at the key factors that are going to influence the lead market in 2025

Is China’s scrap supply stable and secure?
Substitution in lead acid battery applications
Trump tariffs
Will two large lead mines deliver?
- Mine supply growth and treatment charges
- Escalating value of silver, antimony and bismuth payables