The SMM Imported Zinc Concentrate Index for this week is $66.48/dmt, with a 0.35% WoW increase. The SMM Imported Lead Concentrate average spot TC for this week is $-55/dmt, flat from the previous week's figure......

Through a detailed analysis of the lead price trend in the first half of 2025 (H1), this article reviews the fluctuations in lead prices across different months, including the impact of factors such as the Chinese New Year holiday, tariff policies, the US Fed's interest rate-setting meetings, and environmental protection considerations on lead prices. Meanwhile, considering factors such as market demand for lead-acid batteries, lead ingot supply, inventory changes, and macro policies, it provides an outlook on the future trend of lead prices. The article points out that lead prices may experience a pattern of rising first and then declining in the second half of the year (H2). It is necessary to be vigilant about the risks brought by uncertainties in tariff policies, while also paying attention to the impact of key factors such as raw material supply, enterprise competition, and battery exports on the market.