Weekly Review of Lead Concentrates Market (June 14, 2025 - June 20, 2025) [SMM Weekly Review of Lead Concentrates]

The domestic supply of lead concentrates remains tight. After the price adjustment of imported ore pb60TC, there is a situation where prices are quoted but there is little market activity. Traders have quoted prices for imported lead ore containing silver (500-1000g/mt) at a discount of -$80/dmt, with a small amount of rigid demand transactions. Smelters still primarily pick up goods under long-term contracts, with low willingness to engage in spot order transactions. In the domestic market, smelters in Inner Mongolia and Hunan have mentioned downward price adjustments for domestic Pb50TC. Some smelters have noted that the grade of certain domestic sulfide lead ores is relatively low. Despite the increase in production of oxide lead ores at some mines, the actual usage ratio limits the effective supplementation of demand for sulfide ores. The SMM pb50TC (weekly) price for lead concentrates has decreased by 50 yuan/mt (metal content) to 400-700 yuan/mt (metal content). In the short term, there is no expected increase in the supply of imported ore, and the lead concentrate TCs may still be prone to decline rather than increase. Regarding the silver pricing coefficient in lead concentrates, despite silver prices reaching new highs in June, smelters generally indicate that there is no room for further increases in the silver pricing coefficient in lead concentrates after several rounds of price hikes. The silver pricing coefficients in various types of silver-bearing lead concentrates have not changed temporarily.

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