Weekly Brief Review of the Lead Concentrate Market (February 1, 2025 - February 7, 2025) [SMM Lead Concentrate Weekly Review]

Entering February, the overall quotations in the lead concentrates market have shown relatively small changes compared to January. Some smelters have not yet completed maintenance during the Chinese New Year holiday and have not entered the market for inquiries or transactions this week, leaving market activity still sluggish. Although zinc concentrate TCs have shown an upward trend, lead smelters remain pessimistic about lead ore supply in 2025, and there is no expectation for pb60TC quotations to turn positive. After the holiday, precious metal prices strengthened, but the pricing coefficient for silver has not been adjusted this week. Smelters remain bullish on silver prices and prioritize the procurement of high-sulfur-rich lead concentrates.

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