SMM Analysis: Lead Concentrate Supply Recovery Lags, Exacerbating Supply-Demand Imbalance and Risk of TC Decline

[SMM Analysis: March Lead Concentrate Supply Recovery Falls Short of Primary Lead Production Release Expectations; Lead Concentrate TC More Likely to Fall Than Rise]

In Q1 2025, the global recovery of lead concentrate supply progressed slowly, particularly as production in major mining countries failed to meet expected levels. Meanwhile, the resumption of refined lead smelting capacity after technological transformation and maintenance further exacerbated the supply-demand imbalance. In March, the increase in lead concentrate supply lagged behind refined lead supply, and the lead concentrate supply gap is expected to widen.