Lead demand in China is increasing so much that the global glut in the metal that has been experienced in recent years is actually on the wane as the country continues to buy record amounts of lead to make batteries for cars, electric bicycles and emergency lighting.

The supply surplus of the metal is projected to drop to 8,000 metric tonnes next year as a result, down from 78,000 in 2011. China accounts for 44% of global demand for the metal and it is believed that diminishing supplies will see prices continue to rise in the coming years.

“Forty-five percent of demand is recession-proof,” said Stephen Briggs, an analyst at BNP Paribas SA in London who has been following the market for three decades. “Demand for replacement batteries will continue at more or less the same rate whether there is a recession or not a recession.”