Weekly Review of the Lead Concentrate Market (April 12, 2025 - April 18, 2025) [SMM Lead Concentrate Weekly Review]

This week, the US once again increased tariffs on certain Chinese products. As the additional tariffs were ultimately unaffordable for US consumers (unless the US implements further fiscal stimulus), midstream and downstream producers, with their thin profit margins, were also unable to bear the burden. Therefore, it is possible that the pressure could be transmitted upstream through the supply chain, potentially leading to downward pressure on lead concentrate prices in the long term. This week, the SHFE/LME price ratio fell back from highs, and there was no profit from importing lead concentrates and crude lead. The supply and demand fundamentals of the domestic lead concentrate market showed no significant changes. The center of silver prices moved upward this week, and the pricing coefficients for some low-silver lead concentrates also stabilized accordingly.

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