According to the Commodity Market Analysis System of Shengyi Society, the domestic 1 # lead ingot market saw a slight increase in November 2025, with an average price of 16780 yuan/ton at the beginning of the month and 16850 yuan/ton at the end of the month, representing a monthly increase of 0.42%.

On November 30th, the Business Society Lead Index was 103.80, unchanged from yesterday, a decrease of 22.54% from the highest point of 134.01 points (2016-11-29) during the cycle, and an increase of 39.09% from the lowest point of 74.63 points on March 19th, 2015. (Note: The cycle refers to the period from September 1, 2011 to present)
K-bar chart of commodity prices, using the concept of price trend K-line, in the form of a bar chart, reflects the weekly or monthly price changes. Investors can make buying and selling investments based on the changes in the K-bar chart. Red indicates an increase; Green indicates a decline; The height of the K-pillar represents the range of rise and fall.
At the beginning of November, lead prices continued to fluctuate weakly in October, with range fluctuations. Affected by the recovery of macro sentiment and the rebound of downstream procurement in the middle of the month, lead prices rebounded slightly, with spot prices reaching a maximum of 17500 yuan/ton. In the latter half of the year, lead prices came under pressure again, falling for a while due to factors such as increased supply and weak demand, and then stabilizing.
supply side
In the field of primary lead, the maintenance work of smelters in central and northern China has been successively completed, and the production has shown an increasing trend compared to the previous period. However, the current supply of lead concentrate is in a tight situation, and processing fees continue to operate at low levels, which to some extent restricts the release space of production.
In terms of recycled lead, production capacity is gradually recovering, but the supply of waste batteries is relatively tight. In addition, the combined impact of environmental policies has limited the growth of recycled lead production.
Demand side
The market demand for lead-acid batteries presents differentiated characteristics: the order volume in the energy storage battery field maintains steady growth; The demand for matching car starting batteries also remains stable; However, the replacement market for electric bicycle batteries has shown weakness. In addition, high lead prices have had a restraining effect on downstream purchasing intentions. In terms of exports, due to the impact of overseas tariff adjustments and anti-dumping measures, the export volume of lead-acid batteries continues to decline, with limited support for lead prices.
Inventory end
The explicit inventory of global lead ingots has shown a slight decrease, while the social inventory in China has increased. However, the overall inventory level is still at a relatively low level compared to the same period in recent years, which provides some bottom support for prices.
Prediction of future trends
The lead price is likely to maintain a range oscillation trend. Due to the increase in supply, weak demand performance, and uncertainty in the macro environment, lead prices still face certain downward pressure. However, with current inventory at a low level and cost support, the decline in lead prices will be limited to some extent.