This week, Pb50 domestic TCs (weekly) rose by 150 yuan/mt Pb WoW, while Pb60 imported TCs (weekly) remained flat at -$170/dmt. In August, TCs were largely stable. Although recent safety inspections at some domestic mines have increased, causing some disruption to mine production, domestic ore-derived lead smelters also underwent maintenance. Coupled with the arrival of imported lead, zinc, and silver ores as supplement, overall standard concentrate TCs were largely stable. Due to the increase in silver prices, TCs of silver-bearing ore declined somewhat, but the payable indicator for silver in lead concentrates has not changed yet.
![Secondary lead finished product inventories decline WoW, off-season limits destocking degree [SMM Secondary Lead Inventory Weekly Review]](https://imgqn.smm.cn/usercenter/hrxHx20251217171721.jpeg)
