Lead concentrate TCs were lowered by 50 yuan/mt Pb overall this week. The average weekly TC for domestic Pb50 was reduced to 200 yuan/mt Pb, while some silver-lead ores rich in copper and zinc were still quoted with high TCs above -2,000 yuan/mt Pb due to reasons such as non-pricing or low pricing of contained metals. Overall, lead concentrates remained in tight supply. Due to low arrivals of imported ore, the average weekly TC for imported Pb60 was reduced to -145 $/dmt, and the mainstream quotation range for smelters was lowered to -160 to -130 $/dmt. A few smelters accepted quotations above -200 $/dmt for imported silver-lead ores with good richness due to by-product revenue needs and other reasons. Some smelters have not yet finalized their prices for this month. In terms of negotiations and expectations, lead concentrates exhibited a polarization trend: smelters paid less attention to low-richness ores, but were still willing to accept high-metal-richness silver-lead ores. Additionally, the decline in imported zinc ore, to some extent, fueled the tight supply sentiment for lead ore, making lead concentrate TCs more likely to fall than rise. Meanwhile, the silver coefficient in lead concentrates remained unchanged, mainly because silver prices stayed range-bound and the coefficient had already risen to a relatively high level, thus remaining largely stable overall.
![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)
