- Lead prices showed a mixed global trend in Q1 2026, with slight gains in Asia but declines in Europe, as market balance shifted between easing surplus and weak demand conditions.
- Feedstock conditions remained tight due to constrained lead concentrate availability, low processing fees, and reduced recycled lead output, which supported prices.
- Downstream demand from lead-acid batteries stayed stable with limited restocking, preventing strong price increases despite supply tightening.
Asia
In Asia, lead prices showed a slightly firm trend supported by tightening supply conditions. In India, prices increased from ~INR 194.30/kg in January to ~INR 197.89/kg in March, reflecting a 2.87% quarter-on-quarter rise. The global supply surplus narrowed significantly to 9,700 tonnes from 31,600 tonnes in the previous month, reducing inventory pressure and supporting prices. Tight availability of lead concentrate and negative processing fees constrained raw material supply, while recycled lead output remained low due to losses and limited scrap battery availability. Demand from lead-acid battery manufacturers remained steady, with operating rates around stable levels, while procurement remained cautious and limited to immediate needs, restricting stronger price growth.
Europe
In Europe, lead prices declined from ~EUR 1.74/kg in January to ~EUR 1.67/kg in March, marking a 5.00% decrease. The decline was driven by weak demand conditions and inventory accumulation during the early part of the quarter. Seasonal slowdown during the February holiday period reduced downstream activity, while a delayed recovery in battery manufacturing led to weaker consumption. At the same time, stable primary supply combined with slow recovery in recycled production contributed to excess inventory buildup, which weighed on prices despite tightening global supply trends.
North America
In North America, lead prices followed a stable-to-soft trend due to balanced supply conditions and moderate demand. While global supply tightening provided some support, steady primary production and limited restocking activity kept price movements constrained. Demand from automotive batteries remained consistent but did not show strong growth, limiting upward momentum.