Market lacks clear guidance, lead prices consolidate on a weak note [SMM Lead Morning Brief]

Russia has officially lifted its rail transport ban on sulfur originating from Kazakhstan transiting through Russian territory for export. The Federal Agency for Railway Transport (Roszheldor) imposed the ban on May 24, 2026, suspending the shipment of Kazakh sulfur to Russian seaports and railway checkpoints. The restriction forced exporters to reroute shipments via alternative corridors, with logistics costs for Tengiz and Kashagan sulfur roughly doubling through the port of Batumi, according to sources. The lifting order was signed on July 24, 2026, following instructions from First Deputy Prime Minister Denis Manturov. Russian Railways (RZD) has notified its subsidiaries to resume accepting railcars carrying Kazakh sulfur, with shipments directed to port stations on the Oktyabrskaya, Severnaya, Kaliningradskaya, Severo-Kavkazskaya, Privolzhskaya and Dalnevostochnaya railways. Kazakhstan is a major sulfur producer and exporter, with annual exports exceeding 4 million tonnes, the bulk of which traditionally flows through Russian ports. The lifting of the ban is expected to restore normal export routes for Kazakh sulfur.

[SMM Lead Morning Meeting Minutes: Bullish and Bearish Factors Coexist in Macro and Fundamentals; Short-Term Lead Prices Expected to Consolidate] Overseas macro factors are complex, with mixed bullish and bearish news. The market currently lacks clear guidance, and attention is on the upcoming US Fed meeting. Lead prices in China remain consolidating on a weak note, with secondary lead enterprises suffering heavy losses...

Silver Storm Mining announced the first shipment of lead-silver and zinc concentrates from its 100%-owned La Parrilla Silver Mine Complex in Durango, Mexico, marking the project’s transition into a revenue-generating stage. The company successfully produced initial concentrates using the sulphide processing circuit and completed the shipment of 105 dry metric tonnes of lead-silver concentrate and 70 dry metric tonnes of zinc concentrate under its previously announced offtake prepayment agreement. Silver Storm said it will continue ramping up sulphide circuit throughput toward the plant’s nameplate capacity of 1,250 tonnes per day. CEO Greg McKenzie said the first shipment represents a key milestone, confirming La Parrilla’s transition from care and maintenance to an operating asset capable of generating revenue, with ongoing concentrate shipments expected under the offtake agreement.