[SMM Lead and Zinc Summit | SMM: Raw Material and Consumption Imbalance to Persist in 2025, Lead Price Range May Narrow] Wenming Xia, Senior Analyst of the SMM Lead and Zinc Group, provided an outlook on the current and future state of the lead market in 2025. She stated that the global lead market in 2024 showed a significant supply deficit, and SMM expects that the global lead market in 2025 may narrow from a deficit to a tight balance, with the possibility of a surplus similar to 2023 not being ruled out. In H1 2025, the persistent imbalance in raw material supply is expected to continue affecting the market, driving lead prices to rise successively. Looking ahead to the entire year of 2025, SMM anticipates that the imbalance between raw material supply and consumption will persist, and the lead price range in 2025 may narrow compared to 2024.