SMM July 22nd Shanghai lead Market Express: recycled lead paste narrowed downstream just need to return to electrolytic lead

Korea Zinc recently said its subsidiary KEMCO began trial production of crude germanium products at Onsan, Ulsan, in August 2026. Mass production is scheduled to begin in Q4 2026, followed by commercial sales in Q1 2027. The company also plans to commence commercial production of 99.999%-pure germanium dioxide in H2 2027, significantly ahead of its original 2028 target. Korea Zinc also plans to expand its germanium production capacity through the Project Crucible integrated smelting complex in the US. Construction remains scheduled for 2027–2029, with completion and commissioning targeted for the end of 2029. The facility is expected to produce 13 strategic metals, including copper, lead, zinc, germanium, gallium and antimony. The accelerated KEMCO project, combined with the planned US facility, will further expand Korea Zinc’s role in germanium supply chains outside China.

Yunnan Chihong Zn & Ge Co., Ltd. disclosed its Q3 2026 report on 26 October. In the first three quarters, lead and zinc concentrates totalled 223,600 mt in metal content, edging down 1.02% YoY (zinc concentrates 168,500 mt and lead concentrates 55,100 mt in metal content); smelted lead and zinc products totalled 543,300 mt, up 5.41% YoY, mainly because the two production lines ran at full capacity after maintenance in H1 2026, with capacity fully released. Qinghai Hongxin proactively increased pyrite processing volume by 173,900 mt to capture high sulphur concentrate prices, while lead and zinc concentrates fell by 9,200 mt YoY.

Pasinex Resources, a Canadian zinc company, disclosed progress on the Sarikaya zinc-lead project in Türkiye on 26 October. The +1550 orebody underground diamond drilling programme was completed on 19 October 2026, with 30 drill holes totalling 2,199.4 metres from three different drill locations. In addition to exploration work, Pasinex is also advancing underground development and surface support activities at the +1550 level in preparation for the project's planned near-term production. Underground preparation and development work is expected to be largely completed by the end of October 2026, with production expected to begin at the end of 2026.