Lead Concentrates Market Weekly Brief (May 11, 2026 - May 15, 2026) [SMM Lead Concentrates Weekly Review]

Lead concentrate TCs remained generally stable this week. The weekly average TC for domestic Pb50 was quoted at 300 yuan/mt Pb, while the weekly average TC for imported Pb60 was quoted at -$135/dmt. Smelters maintained mainstream quotations within the range of -$150 to -$130/dmt. As the SHFE/LME lead price ratio continued to decline, losses on lead concentrate imports widened, and smelters showed little enthusiasm for negotiating purchases, resulting in minimal actual transactions for imported ore. The biggest unexpected impact on the precious metals market this week came from the issuance of Peru's energy crisis decree. Silver prices experienced wild swings, but the price fluctuations in precious metals have not yet transmitted to the TC quotation stage for imported ore or the silver payable stage for lead concentrates. Some smelters indicated that there are no expectations of supply disruptions from Peru-sourced lead concentrates in the short term. The silver payable indicator remained stable, mainly because buyers and sellers had doubts about the sustainability of the silver price rebound, and consensus could still be reached on maintaining the current payable indicator. Although zinc concentrate TCs saw significant reductions in May due to factors such as a sharp rise in sulphuric acid prices, lead concentrate TC quotations saw almost no reduction during the same period. Multiple mining enterprises stated that lead concentrate TCs have almost no room for further decline.