Weekly Review of Lead Concentrates Market (June 21, 2025 - June 27, 2025) [SMM Weekly Review of Lead Concentrates]

The tight balance trend in the domestic supply of lead concentrates remains unchanged. In June, routine maintenance of primary lead production has alleviated the demand pressure on lead concentrates. Domestic smelters are generally cautious and adopting a wait-and-see approach, with lead concentrate TCs remaining stable. Regarding imported ore, smelters still primarily pick up goods under long-term contracts. A small amount of low-grade lead ore from Africa has been quoted and traded in the market. It is expected that the arrival of imported ore in H2 will be relatively low. However, the mainstream transactions of lead concentrates are still dominated by a refusal to budge on prices at negative $80-100/dmt. Regarding the silver pricing coefficient in lead concentrates, smelters generally indicate that there is no room for further price increases in the silver pricing coefficient of lead concentrates after several rounds of price hikes. Currently, there have been no changes in the silver pricing coefficients of various types of silver-bearing lead concentrates.

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