铅11月报-20251030

Report Overview - Report Title: Lead Monthly Report for November - Regenerated Lead Restart Process Accelerates, Shanghai Lead Price May Fall from Highs [4] - Report Date: October 30, 2025 [9][23][35] - Report Author: Galaxy Futures [8] Core Viewpoint - The restart process of regenerated lead production is accelerating, and the Shanghai lead price may fall from its high level [4] Summary by Section 1. Fundamental Situation - Supply Side - Lead Concentrate: The report provides data on domestic lead concentrate production, net imports, and total supply from January 2024 to September 2025. For example, in 2025 from January to September, the cumulative production was 124.91 million tons, a year - on - year increase of 11.54%, and the cumulative net imports were 107.79 million tons, a year - on - year increase of 26.52% [89] - Primary Lead: The production of primary lead from January 2024 to September 2025 is presented. In 2025 from January to September, the cumulative production was 286.99 million tons, a year - on - year increase of 8.69% [89] - Regenerated Lead: The production of regenerated lead from January 2024 to September 2025 is shown. In 2025 from January to September, the cumulative production was 231.70 million tons, a year - on - year decrease of 3.29% [89] - Refined Lead: Data on refined lead imports, exports, and total supply are also provided. In 2025 from January to September, the cumulative net exports were 0.64 million tons, a year - on - year decrease of 108.06%, and the cumulative total supply was 518.05 million tons, a year - on - year increase of 1.27% [89] - Demand Side - Lead - Acid Batteries: The report includes data on the monthly and weekly开工率 of lead - acid batteries, exports, imports, and inventory days of lead - acid battery enterprises and dealers [93][94][100] - Downstream Industries: Data on the production and exports of automobiles, new energy vehicles, motorcycles, power project investment, communication base station construction, and lead alloy imports and exports are presented [107][110][114][115][117][126] 2. Market Outlook and Strategy Recommendations - The report predicts that the Shanghai lead price may fall from its high level due to the accelerating restart process of regenerated lead production [4]