According to the monitoring model for China’s lead‑zinc industry monthly sentiment index, the index stood at 60.0 in June 2026, up 3.1 points from the previous month, operating at the upper edge of the “normal” range. The leading index was 70.6, down 2.0 points month‑on‑month.
I. Sentiment Index Rose Slightly, Operating at the Upper Edge of the “Normal” Range, Approaching “Slightly Overheated”
In June, the lead‑zinc industry sentiment index was 60.0, up 3.1 points from May, remaining at the top of the normal range. Overall industry operation was stable, with five indicators rising and four declining, reflecting an overall improving market situation while still facing some adjustment pressures. The trend of the monthly sentiment index is shown in Figure 1.
II. Leading Index Declined Slightly
The leading index in June was 70.6, down 2.0 points from the previous month. This index is composed of six leading indicators, including the LME lead and zinc price index, M2, and lead‑acid battery production. The slight decline was mainly attributable to fluctuations in international lead and zinc prices, weaker‑than‑expected demand recovery in downstream galvanised sheet and lead‑acid batteries, as well as cautious fixed‑asset investment in the industry and volatility in the lead‑zinc ore import index.
III. Analysis of Sub‑Indicators
- Lead and zinc prices continued to rise
The LME lead and zinc price index was 57.6, up 6.3 points from the previous month, remaining in the normal range. The continued month‑on‑month increase in lead and zinc prices was mainly driven by ongoing geopolitical conflicts in the Middle East, volatility in energy prices, tight overseas mine supply, and a weaker US dollar, which bolstered metal prices, though the overall index stayed within the normal range. - Money supply edged down steadily
The M2 (money supply) index was 46.1, down 0.4 points month‑on‑month, still within the normal range. Monetary policy remained prudent, with reasonable and ample liquidity, providing a favourable macroeconomic environment for the stable operation of the lead‑zinc industry. - Lead‑acid battery production fell notably
The lead‑acid battery index was –15.2, a sharp drop of 35.5 points from the previous month, moving from the normal range into the “slightly cold” range. Weakening downstream demand in energy storage and automotive replacement markets dampened activity in the lead‑acid battery sector, and the production pace slowed. - Galvanised sheet production declined slightly
The galvanised sheet index was 17.1, down 5.0 points from the previous month, moving from normal to “slightly cold”. The decline in galvanised sheet production reflected marginal weakening of demand from infrastructure and automotive sectors, leading to some contraction in production. - Lead‑zinc ore import index continued to decline
The lead‑zinc ore import index was 26.8, down 24.0 points from the previous month, still within the normal range. The continued decline, though remaining in normal territory, indicated that smelters had largely completed earlier restocking and import pace slowed, with overall import scale not deviating from reasonable levels. - Fixed‑asset investment rebounded significantly
The fixed‑asset investment index was 19.5, up 17.2 points from the previous month, returning to the normal range. Investment confidence in the industry recovered somewhat, with some mining and smelting projects accelerating their investment schedules, driving a notable month‑on‑month rebound in the investment index. - Production index rose slightly
The production index was 31.0, up 5.5 points from the previous month, staying in the normal range. Most smelters maintained high operating rates, lead‑zinc concentrate supply was relatively stable, and industry production activity improved, with output expanding moderately. - Main business revenue surged
The main business revenue index was 190.5, a sharp increase of 62.4 points from the previous month, moving from normal into the “slightly overheated” range. Rising lead and zinc prices boosted unit product values, coupled with recovering downstream demand and higher order volumes, significantly improving corporate revenues.
Post time: Jul-22-2026
