ILZSG：2025年全球铅市为供应过剩7.0万吨

Group 1 - The global refined lead consumption for December 2025 is projected to be 1,158.1 thousand tons, an increase from 1,150.8 thousand tons in November 2025 [1] - The total global refined lead consumption for 2025 is expected to reach 13,563 thousand tons, up from 13,355 thousand tons in 2024 [1] - The global lead market is expected to have a surplus of 27.0 thousand tons in December 2025, compared to a surplus of 22.2 thousand tons in November 2025 [1] Group 2 - Global refined lead production is anticipated to grow by 1.6% due to increases in Canada, China, India, Mexico, and Brazil [2] - The net imports of lead concentrate in China increased by 14.1%, reaching 1,240 thousand tons, while net imports of refined lead decreased to 52 thousand tons from 126 thousand tons the previous year [2] - The total inventory reported by exchanges, including the London Metal Exchange and Shanghai Futures Exchange, slightly increased to 555 thousand tons by the end of 2025 [2] Group 3 - Global mined lead production is expected to grow by 0.8%, with increases noted in China, India, Peru, Turkey, and Europe, while production in Australia, Kazakhstan, and the United States is expected to decline [1] - The recovery rate in global production remains approximately 67.4%, a slight decrease from 67.8% in 2024 [1]