Monthly Lead Market Report Apr 2025

Contents

1 Market Highlights 2
2 Economy and Policy 2
2.1 India records robust growth in metal production during FY 2024-25 2
2.2 China to impose additional 34% tariff on all US imports 2
2.3 China raises tariffs on US imports from 34% to 84% 2
2.4 China raises tariffs on imported US products to 125% 2
2.5 China recycles over 400 million tonnes of recyclable resources in 2024 2
2.6 China's Q1 foreign trade hits all-time high 2
2.7 LME approves its first four warehouses in Hong Kong 2
2.8 China's Q1 production of ten nonferrous metals up 2% YoY 2
2.9 WTO revises global trade forecasts amid trade policy uncertainty and surge in tariffs 2
2.10 IMF revises its global growth forecast downwards 2
2.11 Global refined zinc and lead markets face 2025 surplus, ILZSG says 2
2.12 Peru imposes AD duties on China's base metal standard table cutlery 2
3 Market Movements 2
3.1 Market Movements in China 2
3.1.Asian Metal Copyright994%min 2 3.Asian Metal Copyright1 Lead ingot 99.994%min 2
3.1.2 Lead concentrate 60%min 3
3.1.3 Imported lead concentrate 50%min 3
3.1.Asian Metal Copyright2 China's secondary lead producers' output down by 37.Asian Metal Copyright4 Secondary lead ingot 99.994%min 3
3.1.5 Secondary lead ingot 98%min 3
3.1.6 Recycled battery 4
4 Company News 4
4.1 Endeavour Silver Announces Expansion into Peru with Acquisition of Minera Kolpa, Copper Stream and Bought Deal Financing 4
4.2 Sierra Metals reports first quarter 2025 production results 4
4.3 Hindustan Zinc reports record mined and refined metal production in FY25 4
4.4 Western Mining achieves strong growth in copper and molybdenum production 4
4.5 Apple's push to use recycled aluminum, rare earths and 13 other materials 4
5 Producers Statistics 5
5.1 Primary lead ingot 5
5.1.Asian Metal Copyright1 Primary lead ingot 5 5.Asian Metal Copyright1 China's primary lead producers' operating rate up by 22.34% YoY in Apr 2025 5
5.1.Asian Metal Copyright4 Western Mining achieves strong growth in copper and molybdenum production 4 4.Asian Metal Copyright2 China's primary lead producers' output up by 24.8% YoY in Apr 2025 5
5.1.Asian Metal Copyright2 Sierra Metals reports first quarter 2025 production results 4 4.Asian Metal Copyright3 China's primary lead producers' stocks down by 53.45% MoM in Apr 2025 5
5.2 Secondary lead ingot 5
5.2.Asian Metal Copyright3 China raises tariffs on US imports from 34% to 84% 2 2.Asian Metal Copyright1 China's secondary lead producers' operating rate down by 13.94% in Apr 2025 5
5.2.Asian Metal Copyright45% MoM in Apr 2025 5 5.Asian Metal Copyright2 China's secondary lead producers' output down by 37.04% YoY in Apr 2025 5
6 Customs Statistics 6
6.1 China's lead concentrate import volume rose 59.69% YoY in Mar 2025 6
6.2 United States' lead concentrate import volume increased 478.01% YoY in Jan 2025 6
6.3 China's refined lead export volume fell 66.57% MoM in Mar 2025 6
6.4 China's start-type lead acid battery export volume grew 76.10% MoM in Mar 2025 7
6.5 China's deep cycle lead acid battery export volume rose 36.85% MoM in Mar 2025 8
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.Asian Metal Copyright4 Secondary lead ingot 99Asian Metal Copyright