- Imports from South Korea, Malaysia drop steeply
- Scrap turns cost-effective as LME prices decline
India’s imports of lead ingots (semi-finished) totalled 256,058 tonnes (t) in January-July 2025, down 15% from 302,584 t during the same period in 2024. The decline reflects weaker demand for primary semi-finished products, with the domestic market increasingly turning to scrap to fulfill raw material needs.
South Korea remained the largest lead ingot exporter, supplying 46,689 t (-56% y-o-y) in January-July 2025, followed by Malaysia at 40,286 t (-36% y-o-y) and the UAE at 30,208 t. By comparison, January-July 2024 saw much higher imports from South Korea (105,462 t) and Malaysia (63,111 t), highlighting the contraction in flows from key suppliers.
Meanwhile, lead scrap imports surged 35% y-o-y in January-July 2025 to 114,210 t, compared with 84,465 t in January-July 2024. Within grades, radio scrap dominated at 68,457 t, up 46% from 46,588 t in the previous year.
Radio scrap made up nearly 60% of total scrap inflows in H1CY’25. Rink and relay scrap stood at 17,968 t and 18,339 t, respectively, though both showed moderation compared to 2024.
What led to a drop in semi-finished imports?
- Preference for scrap increases: Scrap imports surged, as prices were 8-10% cheaper than semi-finished ingots. With lead scrap availability improving, recyclers leaned heavily on imported secondary feedstock.
- LME lead prices decline: Average London Metal Exchange (LME) lead prices slipped by 6% y-o-y from $2,180/t in January-July 2024 to around $2,050/t in 2025, reducing the landed cost of scrap relative to semis. The price gap made scrap more attractive for smelters, who could reprocess it at lower costs compared to buying imported semis.
Outlook
India’s lead market is expected to stay scrap-driven in 2025, with semi-finished imports likely to remain subdued. The combination of lower LME prices, steady scrap availability, and strong domestic recycling will continue to shift the supply balance towards scrap.
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