Global lead and zinc production will exceed demand in 2025-2026


10/16/2025

Forecast from the International Lead and Zinc Study Group indicate that the global output of lead and zinc will surpass demand in 2025 and 2026.



James St. John
Refined lead output is anticipated to rise by 2% this year, reaching 13.34 million tonnes. The rise will mainly result from higher output in Canada, Germany, India, Mexico, Sweden, and Brazil, whereas production is projected to drop in Kazakhstan, the UK, and the USA.

In 2026, worldwide output will rise by 1% to reach 13.47 million tonnes, fueled by higher production in Brazil and India, alongside a rebound in Kazakhstan. Experts anticipate a downturn in China and the UK. Worldwide lead usage may rise by 1.8% this year to 13.25 million tonnes, with increases of 1.8% in Europe, 6.6% in the US, and 0.9% in China. In the coming year, global demand for lead is projected to rise by 0.9% to reach 13.37 million tonnes, despite a 1.7% decrease in China.

Consequently, in 2025, the worldwide market will face a lead surplus of around 91,000 tonnes, with the excess growing to 102,000 tonnes the following year, the organization stated.

source: ilzsg.com