Weekly Review of the Lead Concentrates Market (September 14, 2026 - September 18, 2026) [SMM Lead Concentrates Weekly Review]

This week, domestic Pb50 TCs (weekly) remained flat at 150 yuan/mt Pb, while imported Pb60 TCs (weekly) remained flat at -$175/dmt. Domestic TCs were largely stable during the week. Against the backdrop of routine maintenance at smelters in September, domestic smelters still indicated that there were no signs of loosening in the lead concentrate supply-demand balance, mainly because domestic mines continued to be affected by safety and environmental protection inspections. The decline in sulphuric acid prices provided support against a drop in lead concentrate TCs, and payable indicators for silver content in lead concentrates of various silver grades remained firm, while payable indicators for gold, copper, and zinc saw little change. In addition, Zhongjin Lingnan's Fankou mine ended its production halt that began on August 5 and officially resumed production on September 17, which will bring growth in lead-zinc ore supply going forward.