Tight supply situation of lead concentrate in July has not improved

According to the SMM survey, the tight supply situation of lead concentrate in July has not improved, and the lead concentrate TC quotes from some mines have hit historical lows. The supply of imported lead concentrate remains short, keeping the overall supply of lead concentrate in a tight balance. According to traders, except for the expected increase in supply from Russia, the quotes for imported lead concentrate from Europe, the US, and Australia have dropped to $0-10/dmt, with overall supply remaining low and quotes scarce. Although the decline in lead concentrate TC for Russian imports procured by some smelters in Inner Mongolia has been limited, lead concentrate from other regions was snapped up with sharper declines in TCs offered by mines. Meanwhile, the actual transaction prices of Pb 50% domestic lead concentrate procured by smelters have also seen varying degrees of decline compared to early June.