Weekly Review of the Lead Concentrates Market (September 28, 2026 - September 30, 2026) [SMM Lead Concentrates Weekly Review]

This week, domestic Pb50 TC (weekly) fell by 50 yuan/mt Pb to 100 yuan/mt Pb, while the Pb60 imported TC (weekly) dropped by $10/dmt to -$185/dmt. During the week, smelters and mines were in the negotiation cycle for October TCs, and some already-settled TCs continued their downward trend. From the fundamentals side, production at mines in Tibet, Yunnan, Inner Mongolia, and Guangxi fell short of expectations due to factors such as safety and environmental protection inspections, road transportation issues, and reduced raw ore, compounded by winter stockpiling demand, accelerating the decline in TCs. Outside China, as overseas mine production fell short of expectations, transaction prices for imported silver-bearing lead ore dropped to around -$280 to -$300/dmt, with high-lead ore also at around -$300/mt, indicating tightening imported ore supply as well.