Lead Concentrate Arrived Concentratedly at Ports, September Lead Concentrate Imports Surged MoM [SMM Analysis]

According to customs data, in September 2024, lead concentrate imports reached 162,300 mt, up 38.73% MoM and up 51.54% YoY, setting a new monthly high for lead concentrate imports this year. However, cumulative lead concentrate imports for 2024 totaled 886,000 mt in metal content, with a cumulative YoY decline. Meanwhile, silver concentrate imports in September were 175,500 mt, continuing the upward trend, up 11.24% MoM and up 18.05% YoY.

By country, the US, Australia, and Russia were the main sources of lead concentrate imports in September, with the total imports from these three countries accounting for 61.4%.

According to the SMM survey, after the stable opening of the import window, lead concentrate import profitability continued to expand. Additionally, the expected rise in silver prices also boosted smelters' enthusiasm for purchasing silver-bearing lead concentrate and silver concentrate. Several smelters indicated that lead concentrate orders placed in H1 arrived concentratedly in August and September. Subsequently, the lead concentrate trade market became quiet again. Meanwhile, with smelters' production cuts and maintenance in September, and the increase in raw material inventory, the tightness in domestic lead ore supply slightly eased, and some smelters adjusted their domestic pb50% TC quotes.

Entering October, the lead concentrate import window has been closed for several months. Apart from a few batches of silver-lead ore under processing trade, the pb60% TC quotes for imported lead ore remained at -$20 to -$30/dmt, but the availability of imported lead ore was limited. The main sources of imported lead concentrate for smelters remained annual long-term contracts or mid-year tender orders.