Lead concentrate TCs were flat overall this week. The weekly average TCs for domestic Pb50 concentrates held steady at 250 yuan/mt Pb. Some silver-lead ores rich in copper and zinc still quoted TCs far below market transaction prices because the contained metals were either not valued or priced at low levels. Overall, the lead concentrate market remained tight, with limited traded volumes of imported ore. The weekly average TCs for imported Pb60 concentrates stood at -$135/dmt. Smelters maintained mainstream quotations in the range of -$150 to -$130/dmt, while some individual smelters, due to by-product revenue needs and other factors, were still willing to accept quotations of -$180 to -$200/dmt for high-grade imported silver-lead ore. This week was in the period of price negotiations for next month's deliveries. Smelters remained willing to accept silver-lead ore with high payable metal content. Coupled with the reduction in imported zinc ore, which to some extent fueled tightness sentiment in lead ore, it is expected that lead ore TCs still have some downside room ahead. As the silver payable coefficient in lead concentrates has risen to a relatively high level, and silver prices continued to trade in a range, the payable coefficient for silver remained unchanged for now.
![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)
