Recovery Stalled, Supply-Demand Divergence: Secondary Lead Output Rebounded in March — Will Growth Hold in April?
In Q1 2026, China's secondary lead market navigated through turbulence amid holiday effects and industry difficulties. Following a sharp production decline of over 140,000 mt in February, the market saw a post-holiday recovery rebound in March, but the recovery fell short of expectations, with the industry mired in the dual constraints of "profit pressure and tight raw material supply." Looking ahead to April, although large smelters are expected to resume production in a concentrated manner……