Theme of the Day: Lead and zinc in surplus in H12026

The International Lead and Zinc Study Group (ILZSG) released preliminary data for world lead and zinc supply and demand during H12026. Lead: Provisional data reported to the ILZSG indicate that world refined lead metal supply exceeded demand by 49kt during H12026 with total reported inventories increasing by 62kt. Global lead mine production fell by 3%. This was primarily a consequence of decreases in China, Peru, South Africa, Sweden and the US. These reductions were partially offset by rises in Mexico and Portugal. A 0.5% rise in global lead metal production was mainly a result of higher output in India, Kazakhstan and Brazil, where new secondary capacity was commissioned last year. In China, Mexico and the UK, however, output was lower than during the same period of 2025. Refined lead metal usage fell by 0.6%, mainly as a result of declines in Argentina, the Republic of Korea, Mexico, Philippines, Türkiye and the UK, that were partially balanced by rises in Brazil, India, Indonesia and Pakistan. Chinese imports of lead contained in lead concentrates grew by 3.3% to 610kt. Net imports of refined lead metal totalled 190kt, an increase of 181kt compared to H12025. Zinc: According to preliminary data recently compiled by the ILZSG, the global market for refined zinc metal was in surplus by 120kt over H12026 with total reported inventories increasing by 92kt. World zinc mine production fell by 2.6%, influenced by declines in Peru, Sweden and the US, principally due to significant reductions at the Antamina, Garpenberg and Red Dog operations, respectively. Output also fell in Bolivia, China, Ireland and Türkiye, and in Australia, mainly as a consequence of the closure of the Lady Loretta mine at the end of 2025. These reductions were partially offset by increases in Brazil and Mexico, as well as in the DRC, where production continued to benefit from the ramp‐up at the Kipushi mine, and Portugal, where the recovery of zinc at the Aljustrel mine resumed in Q42025. Refined zinc metal production rose by 1.3% globally, driven by growth of 5.9% in China. In the world ex‐China, however, output declined by 3.4%, influenced by reductions in Europe, Japan, Kazakhstan, Mexico and Peru. Increases in the usage of refined zinc metal in China, India, Saudi Arabia and Türkiye were largely offset by reductions in Iran, the Republic of Korea, the UAE and the US, resulting in overall global growth of 0.6%. In Europe, usage remained broadly stable compared to the same period of 2025. Chinese imports of zinc contained in zinc concentrates grew by 8.3% to 1324kt. Net imports of refined zinc metal totalled 39kt, a decrease of 141kt compared to H12025.