Lead concentrate TCs remained largely stable this week. The average weekly TC for domestic Pb50 was reported at 300 yuan/mt Pb, while the average weekly TC for imported Pb60 stood at -$135/dmt. Smelters continued to quote a mainstream range of -$150 to -$130/dmt. Due to the persistent decline in the SHFE/LME lead price ratio, losses on imported lead concentrates widened, leaving smelters with little willingness to negotiate or purchase. As a result, actual transactions for imported ore were thin. This week, the biggest surprise in the precious metals market came from Peru’s emergency energy decree, which triggered wild swings in silver prices. However, the volatility in precious metals prices has yet to feed through to TCs for imported concentrates or the payable indicator for silver in lead concentrates. Some smelters indicated that no supply disruption is expected in the near term for lead concentrates sourced from Peru. The payable indicator for silver remained steady, mainly because buyers and sellers are uncertain about the sustainability of the rebound in silver prices, making it easier to maintain consensus at current levels. Although zinc concentrate TCs saw sharp cuts in May due to a significant rise in sulphuric acid prices, lead concentrate TCs were largely unchanged over the same period. Several mining companies indicated that lead concentrate TCs have almost no room left to decline.
![July imports of lead alloy showed strong resilience, while the import scale of other lead materials sharply contracted [SMM Analysis]](https://imgqn.smm.cn/usercenter/yqTpQ20251217171721.jpeg)
