Weekly Brief Review of the Lead Concentrates Market (July 13, 2026 – July 17, 2026) [SMM Lead Concentrates Weekly Review]

Pb50 domestic TCs (weekly) were unchanged at 150 yuan/mt Pb this week, while Pb60 import TCs (weekly) were unchanged at -$170/dmt. During the week, TCs were largely stable. Some enterprises indicated that although some domestic small mines had suspended production or cut output, the overall impact was relatively limited. Meanwhile, some domestic smelters were undergoing minor maintenance, which had not yet altered the supply-demand pattern. In the imported lead concentrate market, a Mexican lead concentrate deal was previously concluded at -$300/dmt, with valuable metals such as silver, copper, and zinc. Other mainstream transaction prices remained unchanged. The market was still awaiting actual subsequent imports of lead concentrates from Australia and the Middle East. For the payable silver indicator in lead concentrates, although precious metal prices consolidated at lows, the payable silver indicator did not show any significant change or negotiation. Considering by-product profits, most smelters were still willing to purchase silver-lead ore or other lead-rich ores, and the payable silver indicator in lead concentrates remained largely stable overall.