Lead Concentrates Market Weekly Review (August 10-14, 2026) [SMM Lead Concentrates Weekly Review]

This week, the Pb50 domestic TC (weekly) held steady at 150 yuan/mt Pb, and the Pb60 import TC (weekly) held steady at -$170/dmt. Recently, ore-derived lead smelters in Inner Mongolia, Hunan, Henan and other parts of China were nearing maintenance cycles, and overall lead ore procurement volume was low. However, domestic ore-side disruptions also increased, with some mines suspending operations one after another, which reduced domestic ore supply; overall, both supply and demand were weak; on the import side, transaction prices for high-grade imported concentrates from Peru, Brazil, and Russia remained between -$200 and -$260/dmt during the week, while overall TCs were largely stable. The lead ore market remained in undersupply, and with silver prices rebounding and silver ore supply tight, the supply available to lead ore was limited. If domestic mine maintenance and production cuts increase going forward, or incremental output release falls short of expectations, lead concentrate TCs may still have room to decline. In addition, silver payable indicators in lead concentrates were largely stable as silver prices rebounded and the indicators were already at high levels.