According to data released by the International Lead and Zinc Study Group (ILZSG), the global lead market's supply surplus narrowed to 9,700 tonnes in January of this year, down from a surplus of 31,600 tonnes in December of last year. The data indicates that the supply landscape of the lead market in January 2026 stands in stark contrast to that of the same period last year, when the market experienced a supply deficit of 4,000 tonnes.

Analysis and Commentary

According to data from the International Lead and Zinc Study Group, the global lead supply surplus in January 2026 contracted sharply from 31,600 tonnes in December to 9,700 tonnes—a decline of 69%—indicating a significant easing of supply-side pressure. Compared to a deficit of 4,000 tonnes recorded during the same period last year, the current supply-demand landscape has improved and inventory pressure has abated, creating a favorable environment for spot lead prices. This reduction in the supply surplus suggests a potential rebound in demand or a tightening of supply; while this is expected to provide moderate support for rising lead prices, the persistence of a surplus condition will likely limit further upside potential.

As an integrated internet platform providing benchmark prices, on March 25, SunSirs' benchmark price for lead stood at 16,365.00 RMB/ton, representing a decrease of 1.74% compared to the beginning of the month (16,655.00 RMB/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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