Lead Concentrates Imports Declined Slightly with Stability in April 2025, Domestic Lead Concentrates Market Maintained Tight Balance [SMM Analysis]

According to customs data, the imports of lead concentrates in April 2025 were 111,046 mt, down 4.3% MoM but up 22.1% YoY. As of 2025, the cumulative imports of lead concentrates were approximately 448,700 mt, up 41% YoY. In terms of source countries, Russia, the US, and Peru were the major suppliers of lead concentrates.

Although the lead import window briefly opened, the profitability of lead concentrate imports remained slim, with market tender and bid TC quotes for lead concentrates still ranging between -$20/mt and -$50/mt. Smelters primarily relied on imported ore that had been ordered last year arriving at ports, and enthusiasm for spot order purchases was low.

Despite the YoY increase in lead concentrate imports of over 40%, processing fees did not rebound significantly in Q1 and Q2 2025. In Q1 2025, the strengthening of precious metal prices boosted the production enthusiasm of lead smelters, with lead smelting production increasing YoY and the demand for silver concentrates or silver-bearing lead ores rising. However, in mid-to-late May, due to tight supplies of lead-bearing recycled materials, it is expected that domestic lead concentrate processing fees may decline again.