Secondary Lead: Downstream Purchasing Willingness Declined Significantly After the Sharp Surge in Lead Prices [SMM Lead Daily Review]

[Pricing System Upgraded Again! SMM Adds Payable Indicators for Copper, Zinc, and Gold in Lead Concentrates] Lead concentrates are a typical polymetallic ore, and in addition to the primary metal lead, they commonly contain valuable associated elements such as silver, gold, zinc, and copper. SMM’s payable indicator for silver in lead concentrates has been quoted for many years. Based on the industry chain’s long-term demand for greater pricing transparency of associated metals, SMM has officially launched payable indicators for copper, zinc, and gold contained in lead concentrates, further improving the comprehensive pricing system for lead concentrates.

Russia's Sulphuric Acid Producers Face Antitrust Probes; Astrakhan Gas Plant Struck Again, Intensifying Sulphur Supply Crunch Russia's Federal Antimonopoly Service (FAS) announced on August 26 that it has initiated antitrust cases against four sulphuric acid producers for allegedly maintaining monopolistically high prices during 2024-2025. The companies include Mednogorsk Copper and Sulphur Combine, Sredneuralsk Copper Smelter, Svyatogor, and Karabashmed. All hold dominant positions in the wholesale sulphuric acid market and face turnover-based fines if violations are confirmed. On the supply side, Ukraine's General Staff confirmed that two U-272 gas separation units at the Astrakhan Gas Processing Plant were struck on the night of August 24. The facility, operated by Gazprom, accounts for nearly 60% of Russia's sulphur output. According to Rosstat, Russia's sulphur production fell 23% year-on-year in the first half of 2026, driven by unplanned outages at the Astrakhan and Orenburg gas plants. Previous attacks had already shifted Russia from a major exporter to a net importer of sulphur. On June 25, the government signed Decree No. 785 extending the industrial sulphur export ban through December 31, 2026. The latest strike on Astrakhan is set to further tighten global sulphur supply.