BMI View: Lead prices will steadily improve over the coming years, as the global lead market shifts into a
deficit by 2017.
We have revised up our lead price forecast for 2017, primarily due to a faster tightening of the market than
previously expected. We expect lead prices to average USD2,150/tonne in 2017, up from our previous
forecast of USD2,000/tonne. Subsequently, we have slightly increased our forecasts out to 2021, to reflect
an increasing deficit in the market. We forecast lead prices to average USD2,300/tonne by 2021.