Weekly Review of the Lead Concentrates Market (June 8, 2026–June 12, 2026) [SMM Lead Concentrates Weekly Review]

Lead concentrate TCs remained flat overall this week. The weekly average TC for domestic Pb50 was 200 yuan/mt Pb, and for imported Pb60 it was -$155/dmt. During the week, standard ore TCs held steady; some enterprises, having set prices at month-end or early in the month, continued with previous prices throughout the month. Some silver-lead ores rich in copper and zinc, due to non-payable metals, reached transaction prices with high TCs of around -2,900 yuan/mt Pb. For imported ores, given metal content benefits and blending needs, smelters were willing to accept silver-lead ore prices with TCs above -$200/dmt. Furthermore, although silver prices fell to around 15,000 yuan/mt during the week, the decline was brief and did not create an absolute low. Combined with high silver recovery rates at lead smelters, the payable indicator for silver in lead concentrates has not yet been lowered.