In February 2026, the global lead market operated steadily with a balanced supply-demand fundamental and rational market sentiment across the board.

On the supply side, mine production in major overseas producing countries has gradually recovered, while the operating rate of domestic smelting enterprises remained at a normal level. In some regions, production fluctuations were limited due to factors such as raw material supply, logistics rhythms, and routine maintenance. The overall raw material supply tended to be stable, and lead concentrate treatment charges stayed within a reasonable range.

Demand-wise, lead-acid batteries, as the core consumption sector for lead, maintained steady demand from downstream areas including power batteries, backup power supplies, and automotive start-stop batteries. Demand from industrial and energy storage sectors was released steadily. After the holiday period, downstream enterprises gradually resumed production, and the pace of raw material procurement returned to normal, providing certain support for lead prices.

In terms of pricing, both LME lead prices and domestic lead prices traded within a fluctuating range this month, with stable market transactions and no sharp fluctuations. Institutional opinions generally suggest that under the pattern of tight supply-demand balance, the lead market will maintain steady operation in the short term. The medium-term trend will still depend on mine commissioning progress, the strength of downstream consumption recovery, and changes in the macro market environment.

Overall, the global lead market maintained a stable supply-demand structure in February 2026, and the industry operation was in line with expectations. With the continuous recovery of downstream demand and the gradual improvement of the supply chain, the lead industry is expected to maintain stable and healthy development.