I. Lead Concentrate Imports Plunge Significantly Both Year-on-Year and Month-on-Month

In October 2025, China imported 98,000 metric tons of physical lead concentrate, down 39.8% year-on-year and 34.7% month-on-month. Cumulative imports from January to October reached 1.161 million metric tons, up 11.7% year-on-year, though the growth rate narrowed by 9.7 percentage points compared to the January-September period.

By country, Russia, Australia, Peru, the United States, and Tajikistan were the primary sources of China's lead concentrate imports from January to October. Imports from Tajikistan showed notable growth, rising by 75,000 tons year-on-year to 85,000 tons. Imports from Australia, Peru, and Russia increased by 48,000 tons to 117,000 tons, 45,000 tons to 99,000 tons, and 20,000 tons to 344,000 tons respectively. Imports from the United States decreased by 30,000 tons to 95,000 tons. Additionally, notable year-on-year changes occurred in imports from other countries: Oman saw a cumulative increase of 27,000 tons to 59,000 tons; Iran recorded a cumulative rise of 24,000 tons to 30,000 tons; Myanmar experienced a cumulative decrease of 35,000 tons to 32,000 tons; and Turkey registered a cumulative decline of 20,000 tons to 51,000 tons.

In October 2025, China imported 149,000 metric tons of physical silver concentrate, marking an 11.5% year-on-year increase but a 7.0% month-on-month decrease. Cumulative imports from January to October reached 1.497 million metric tons of physical silver concentrate, up 6.5% year-on-year, with the growth rate expanding by 0.5 percentage points compared to the January-September period.

By country, Peru, Mexico, and Bolivia were the primary sources of silver concentrate imports from January to October. Imports from Peru and Bolivia increased by 39,000 tons to 731,000 tons and by 15,000 tons to 126,000 tons, respectively, while imports from Mexico decreased by 21,000 tons to 247,000 tons. Additionally, notable variations were observed in imports from other countries: silver concentrate imports from Kazakhstan increased by 25,000 metric tons year-on-year to 48,000 metric tons; imports from Turkey rose by 18,000 metric tons to 66,000 metric tons; cumulative imports from Turkey grew by 16,000 metric tons to 33,000 metric tons; while cumulative imports from Cuba decreased by 14,000 metric tons to 30,000 metric tons.

From January to October 2025, the total imported lead content in lead and silver concentrates amounted to approximately 1 million metric tons of lead metal, representing an increase of about 80,000 metric tons of lead metal compared to the same period last year.

II. Import Window for Refined Lead Opens, with Significant Increase in October Imports

In October 2025, exports of unwrought refined lead reached 2,098 tons, up 11.2% year-on-year and 41.2% month-on-month. Concurrently, imports of unwrought refined lead totaled 3,181 tons, surging 107.5% year-on-year and 152.8% month-on-month. South Korea was the primary source of imports in October, supplying 2,757.9 tons. Refined lead was mainly exported to Malaysia and Japan, with volumes of 1,208.2 tons and 698.2 tons respectively.

From January to October 2025, cumulative refined lead exports reached 32,000 tons, up 67.6% year-on-year. During the same period, cumulative imports totaled 27,000 tons, down 72.3% year-on-year. The net export of refined lead for January-October was 4,666 tons.

In October 2025, net imports of lead alloys reached 13,000 metric tons, down 5,500 metric tons year-on-year. Among these, net imports of other unprocessed lead alloys totaled 11,000 metric tons, up 5,500 metric tons year-on-year; net imports of antimony-based lead alloys stood at 2,700 metric tons, unchanged year-on-year.

From January to October 2025, net imports of lead alloys totaled 99,000 metric tons, an increase of 10,000 metric tons year-on-year. Among these, net imports of other unwrought lead alloys reached 70,000 metric tons, up 20,000 metric tons year-on-year; net imports of antimony-based lead alloys amounted to 28,000 metric tons, down 9,900 metric tons year-on-year.

III. Continued Decline in Lead-Acid Battery Exports

In October 2025, China exported 16.615 million lead-acid batteries, down 14.2% year-on-year and 2.7% month-on-month. During the same period, imports of lead-acid batteries totaled 470,000 units, down 9.5% year-on-year but up 7.6% month-on-month. The primary contributors to China's October lead-acid battery export decline were India, Indonesia, the United Arab Emirates, and Thailand, with year-on-year decreases of 791,000, 412,000, 373,000, and 306,000 units respectively.

From January to October 2025, China's cumulative lead-acid battery exports totaled 186.187 million units, down 9.2% year-on-year. During the same period, cumulative imports of lead-acid batteries totaled 4.425 million units, down 8.3% year-on-year. Cumulative net exports of lead-acid batteries from January to October reached 181.761 million units, down 9.2% year-on-year, with the decline widening by 0.5 percentage points compared to the January-September period.

Meanwhile, China's exports of lead-acid battery components continued to surge significantly.

As an integrated internet platform providing benchmark prices, on December 3, the benchmark price of lead on SunSirs was 17,140.00 RMB/ton, an increase of 0.50% compared with the beginning of the month (17,055.00RMB/ton).

Application of SunSirs Benchmark Pricing：

Traders can price spot and contract transactions based on the pricing principle of agreed markup and pricing formula (Transaction price=SunSirs price + Markup).

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