Lead Concentrates Market Weekly Brief (May 4, 2026 - May 8, 2026) [SMM Lead Concentrates Weekly Review]

Lead concentrate TCs remained generally stable this week. Some mining enterprises indicated that they had lowered zinc concentrate TCs in May due to market conditions and a sharp rise in sulphuric acid prices, but the quoted lead concentrate TCs for concentrates produced and sold during the same period were not adjusted. A few suppliers holding lead concentrates rich in zinc and copper adjusted the starting payable or payable indicator for copper and zinc contained in lead ore, but did not directly lower their lead concentrate TC quotations. Regarding imported ore prices, smelters maintained mainstream quotations of -$150 to -$130/dmt. Since late April, the SHFE/LME lead price ratio has continued to decline, losses on imported lead concentrates have widened, and smelters showed little enthusiasm for negotiating and purchasing. Regarding the silver payable indicator for lead concentrates, as silver prices have yet to break out of their sideways range and macro influences remain complex, the precious metals trend remains unclear. Both buyers and sellers remained cautiously on the sidelines, and the silver payable indicator for lead concentrates across various silver content levels remained stable.