| Product |
Category |
Region |
Price |
Last Updated Month |
| Lead |
Energy, Metals and Minerals |
Asia |
2078 USD/MT |
October 2025 |
| Lead |
Energy, Metals and Minerals |
Asia |
2096 USD/MT |
December 2025 |
| Lead |
Energy, Metals and Minerals |
Europe |
2004 USD/MT |
October 2025 |
| Lead |
Energy, Metals and Minerals |
Europe |
1980 USD/MT |
December 2025 |
Asia
The Asian lead market during the fourth quarter exhibited notable volatility driven by shifting supply-demand dynamics. The prices were about 2078 USD/MT in October and around 2096 USD/MT in December. The quarter began with prices under pressure as eased environmental restrictions on recycled lead operations increased output, creating temporary oversupply conditions. However, widening losses at recycled smelters prompted subsequent production curtailments, while regulatory interventions and implementation of new national standards for electric bicycles stimulated vehicle-specific battery demand, tightening fundamentals and driving prices higher through mid-quarter. Lead concentrate supply remained constrained with processing fees at historically low levels as domestic mines reached capacity limitations and imports provided minimal supplementation. The recycled lead sector operated in cycles of production halts and resumptions based on raw material availability and profitability. Demand showed mixed signals, with electric bicycle battery requirements weakening as subsidies phased out, while automotive battery replacement demand strengthened seasonally. By the end of the quarter, prices stabilized at a higher level compared to the beginning of the period.
Europe
European lead markets during the quarter demonstrated patterns broadly consistent with global fundamentals, though regional factors provided some differentiation. Prices reached their peak during the middle portion of the quarter before encountering renewed pressure as supply conditions adjusted. The market navigated macroeconomic uncertainties related to central bank monetary policy expectations, which influenced investor sentiment and industrial demand outlooks. Lead concentrate availability remained a concern across European smelting operations, limiting primary production expansion potential. The automotive sector, a significant consumer of lead-acid batteries for starting applications, showed stable demand patterns, though energy storage applications continued expanding their market share. The prices were about 2004 USD/MT (Spot FD) in October and around 1980 USD/MT in December.
North America
North American markets closely mirrored global trends, experiencing similar volatility patterns. The region faced comparable supply-side constraints, with lead concentrate availability and processing economics influencing primary smelting production decisions. Recycled lead operations navigated challenges related to scrap battery supply and processing margins. Automotive battery requirements remained relatively stable, supporting consistent consumption, while industrial and energy storage applications provided modest incremental growth.