Lead prices have remained on a steadier path than more volatile swings in other base and battery metals, reflecting the importance of its long established ‘closed loop’ system of resilient replacement battery demand and recycling of scrap. The global lead market remains well supplied, masking a regional contrast of Asian excess and American shortfall. Resilient demand and slowing output will eventually retighten the market, but the upside to lead prices are likely to be constrained by half-hearted investor interest towards this battery metal and its role in the green energy transition away from fossil fuels towards renewable power. However, this transition is proving to be far from a smooth one, with the hard realities of political will, readiness of transmission networks and consumer desire to change all casting doubts on the speed and scale of the lithium battery revolution. This bumpier transition could provide more opportunities for lead in the battle for share alongside lithium and other battery chemistries. However, challenges still need to be overcome.