In brief
- About 85% of the lead used worldwide goes into making lead-acid batteries (International Lead Association).
- Mines produce about 4.5 million tonnes a year, but refined lead output exceeds 13 million: about two thirds comes from recycling (USGS).
- The world benchmark is the LME Lead contract (code PB): lead with a minimum purity of 99.97%, in ingots, 25-tonne lots, prompt dates out to 63 months.
- Demand follows the vehicle fleet on the road and industrial batteries more than new car sales: that is why the price moves less than those of the other metals.
- In the FT Mercati archive the highest official price since 1997 is 3,980 dollars per tonne, on 15 October 2007; since 2023 the price has almost always moved between 1,800 and 2,300 dollars.
What lead is and where it comes from
Lead is a very dense, soft metal that melts at a low temperature and resists corrosion. It is toxic, which is why its use is strictly regulated: today it is concentrated in applications where it is hard to replace and where it can be almost entirely recovered, such as batteries.
Primary lead is obtained from ores that often also contain zinc and silver: many mines produce lead and zinc concentrates together. Secondary lead, by contrast, is obtained by smelting and refining scrap, above all spent batteries, and it makes up the larger part of supply.
Who produces and who uses lead
According to the US Geological Survey's Mineral Commodity Summaries 2026, mines produced about 4.5 million tonnes of lead in 2025; China alone about 1.9 million, followed by Australia (480,000 tonnes), Peru, the United States, Russia and India.
For 2025 the International Lead and Zinc Study Group, cited by the USGS, estimated world refined lead production at about 13.3 million tonnes and consumption at 13.25 million. Comparing this with mine production shows that about two thirds of refined lead comes from recycling.
According to the International Lead Association, about 85% of the lead used worldwide goes into lead-acid batteries: starter batteries for cars, trucks and motorcycles, industrial batteries for uninterruptible power supplies, telecommunications and forklift trucks, and batteries for energy storage. The rest is used for radiation shielding, sheet for construction, cable sheathing, ammunition and alloys.
The LME lead contract
The world reference price is set on the London Metal Exchange, on the LME Lead contract: refined lead of a quality defined by the exchange, in ingots, with lots, prompt dates and delivery rules the same for everyone.
The main terms of the contract:
| Contract code | PB |
|---|---|
| Metal | lead, minimum purity 99.97% |
| Quality | conforming to one of the standards BS EN 12659:1999 (materials PB970R, PB985R and PB990R), GB/T 469-2013 (grades from 99.970% to 99.994%) or ASTM B29-19 (grades 99.97% and 99.995%) |
| Shape | ingots |
| Lot size | 25 tonnes; each warrant 25 t with a tolerance of ±2% |
| Price quotation | US dollars per tonne; also clearable in yen, sterling and euro |
| Prompt dates | daily out to 3 months, weekly from 3 to 6 months, monthly from 7 to 63 months |
| Minimum price fluctuation | 0.50 dollars per tonne on the Ring and LMEselect; 0.01 dollars for carries and on the inter-office market |
| Last trading day | until the close of the first Ring on the day before the prompt date |
| Settlement | physical delivery: warrants for metal of LME-approved brands stored in approved warehouses |
| Trading venues | Ring (open outcry), LMEselect (electronic) and the inter-office telephone market |
Lead stocks in LME-approved warehouses stood at 217,000 tonnes at the end of October 2025, 10% less than at the end of 2024 (USGS): a figure the market watches to gauge how much metal is available.
Source: LME, LME Lead contract specifications, read on 29 September 2026.
What drives the lead price
Replacement batteries. Starter batteries last a few years and are then replaced: that is why lead demand follows the number of vehicles on the road more than new car sales, and is less cyclical than that of the other metals. Many electric cars, moreover, still carry a lead battery for on-board systems.
Industrial batteries and storage. Uninterruptible power supplies for data centres and telecommunications, forklift trucks and energy storage support demand; competition from lithium batteries, on the other hand, holds it back in some applications.
Recycling and mines. With about two thirds of supply coming from recycling, what matters is the collection of spent batteries, the capacity of secondary smelters and the environmental rules that apply to them. Mined lead depends largely on zinc mines, because the two metals are often extracted together.
Stocks and the dollar. As with the other metals, LME stocks, the spread between Cash and three-month and the dollar complete the picture.
The recent history of the lead price
The official LME price (Official Cash, ask side) at key moments of the last twenty years, from the FT Mercati archive, in dollars per tonne:
Lead on FT Mercati
Every day we publish on the site the official LME lead price of the previous session, in dollars and euros, with a chart of recent sessions. Under LME rules, the price of the current session is reserved for users of authorised data vendors.
FT Mercati subscribers follow Cash, three-month and the other prompt dates, closing prices, stocks in LME warehouses and the scrap indices in real time, with history and alerts on the web and in the app. The service can be tried for free.
Frequently asked questions
What is the lead price today?
On the FT Mercati site you will find, every day, the official LME lead price of the previous session, in dollars and euros per tonne. The price of the current session, in real time, is reserved for subscribers: the LME grants it only to users of authorised data vendors.
What is lead used for?
Above all for lead-acid batteries, which according to the International Lead Association take about 85% of the lead used worldwide: vehicle starting, uninterruptible power supplies, forklift trucks, energy storage. The rest goes into radiation shielding, sheet, cable sheathing and ammunition.
How much lead comes from recycling?
About two thirds: in 2025 mines produced about 4.5 million tonnes of lead, while refined lead production was estimated at about 13.3 million (USGS and International Lead and Zinc Study Group data). The difference comes mainly from spent batteries.
How much does an LME lead lot weigh?
25 tonnes, with a tolerance of ±2% on the warrant weight. The lead must have a minimum purity of 99.97% and be in ingots; prompt dates run out to 63 months.
Why does the lead price move less than the other metals?
Because demand depends largely on replacement batteries, which follow the vehicle fleet rather than the cycle of new car sales, and because two thirds of supply comes from recycling. Since 2023 the official LME price has almost always moved between 1,800 and 2,300 dollars per tonne.
What was the highest lead price?
In the FT Mercati archive of official LME prices, which for lead starts in 1997, the highest value is 3,980 dollars per tonne, on 15 October 2007.
Sources
References for this guide. Historical prices come from the FT Mercati archive of official LME prices (Official Cash, ask side).
- LME — LME Lead, contract specifications
- USGS — Mineral Commodity Summaries 2026: Lead
- International Lead Association — lead uses
This guide is market information, not financial or investment advice: for your company's decisions, consult your advisors.