| Year | LME lead (World Bank) | United States | India | South Korea |
|---|---|---|---|---|
| 2016 | $1,867 | $2,029 | $1,923 | $1,841 |
| 2017 | $2,315 | $2,300 | $2,407 | $2,299 |
| 2018 | $2,240 | $2,321 | $2,418 | $2,366 |
| 2019 | $1,997 | $2,077 | $2,106 | $2,066 |
| 2020 | $1,825 | $1,936 | $1,978 | $1,897 |
| 2021 | $2,200 | $2,298 | $2,263 | $2,227 |
| 2022 | $2,151 | $2,307 | $2,319 | $2,376 |
| 2023 | $2,136 | $2,375 | $2,269 | $2,290 |
| 2024 | $2,069 | $2,249 | $2,164 | $2,211 |
| 2025 | $1,962 | $2,279 | $2,122 | $2,208 |
Sources: World Bank Commodity Price Data; UN Comtrade, importer-reported value divided by quantity (HS 7801, unwrought lead). Many quantities are marked as estimated by Comtrade, and the United States 2025 line is flagged low confidence. The heading covers some alloyed lead.
Lead has barely moved
The LME price stayed between $1,825 and $2,315 per tonne across the ten years, far narrower than copper, nickel or zinc. It was $1,867 in 2016, $2,315 in 2017 and $1,962 in 2025.
Refined lead is imported near LME
Eight large importers declared between 88% and 119% of the annual LME average in 2017 to 2025, with a median of 107%. The premium over LME includes freight and insurance. India's refined lead imports rose from 240 thousand tonnes in 2016 to 449 thousand tonnes in 2024. The United States declared 383 to 658 thousand tonnes a year, with Canada (182 thousand tonnes) and Mexico (143 thousand tonnes) its largest suppliers in 2025.
Concentrate prices are not lead prices
China declared 1.01 to 1.57 million tonnes of lead ore and concentrate a year in 2017 to 2025, with Russia the largest supplier in 2025. Its declared price rose from $1,292 per tonne in 2019 to $1,848 in 2025, up 43%, while the LME price was flat. Prices differ widely between importers and are not comparable, because the customs data holds no grade, silver content or payable terms.
Unresolved gaps
Spain's concentrate prices (about $400 to $525 per tonne in 2018 to 2023) are a third of China's, and US lead concentrate imports are 12 to 19 thousand tonnes in Comtrade against under one thousand tonnes in USGS data. Neither is explained, so the report flags them.
Related
Frequently asked questions
What was the average LME lead price in 2025?
The World Bank's annual average LME lead price was $1,962 per tonne in 2025.
Why are lead concentrate prices so different between countries?
Concentrate carries silver, zinc and other metals and varies in grade and payable terms. The customs data shows none of that, so a price per tonne is not comparable.
Where does the United States buy refined lead?
In 2025 mainly from Canada (about 182 thousand tonnes) and Mexico (about 143 thousand tonnes), by UN Comtrade.
Sources
- World Bank Commodity Price Data (the Pink Sheet)
- UN Comtrade database
- USGS Mineral Commodity Summaries 2026: Lead
Specifications published by index providers are revised over time. Where a figure comes from a pricing notice, confirm the version currently in force with the publisher before you use it in a contract. Corrections are welcome.