Neil Hawkes, CRU, United Kingdom

Lead prices have mostly tracked a steadier path than other base and battery metals, reflecting the importance of its long established ‘closed loop’ system of resilient replacement battery demand and recycling of scrap.

Market participants have been concerned about the broader global economic slowdown and stubborn inflation bearing down on metals demand and prices in the near-term. However, discussions rarely exclude some aspect of the global ‘green’ energy transition away from fossil fuels towards renewable power. This used to revolve mainly around the greater vehicle electrification path, but the scope now encompasses the wider energy storage story, including solar panels, wind turbines and battery energy storage systems for residential and industrial use. There is also more debate around the readiness of transmission networks to power this ‘green’ revolution. This presentation will address how the supply of lead and other battery raw materials are responding to demand and the implications for prices.