Lead Concentrates Market Weekly Brief Comment (August 17, 2026 - August 21, 2026) [SMM Lead Concentrates Weekly Review]

This week, Pb50 domestic TC (weekly) remained unchanged at 150 yuan/mt Pb, while Pb60 imported TC (weekly) remained unchanged at -170 $/dmt. Recently, although safety inspections in Inner Mongolia have intensified alongside ongoing national mine inspections, mine production release has been insufficient. Coupled with rising silver prices, mine bargaining power has increased, leading to expectations of price increases at some mines. However, during the maintenance period of ore-derived lead smelters in Henan, Inner Mongolia, and Hunan, overall procurement demand has declined. Additionally, with recent drops in sulphuric acid prices, smelter by-product earnings have decreased, resulting in increased caution and wait-and-see behavior. This has highlighted upward price pressure, and the market is largely stable. Although silver prices in lead concentrates have risen, the coefficient is already at a high level. With smelters' comprehensive earnings contracting, mines have not yet mentioned plans to raise the coefficient.