Weekly Review of Lead Concentrates Market (June 30, 2025 - July 4, 2025) [SMM Weekly Review of Lead Concentrates]

The supply and demand of lead concentrates continue to show a tight balance. The TCs for some domestic silver-lead ores with silver content exceeding 1,500 g/mt and containing copper and zinc components have fallen to a range of -200 to 0 yuan/mt (metal content). Smelters still primarily rely on long-term contracts for cargo pick-up. It is expected that the supply of imported ores will remain low in H2 and 2026. Due to the decline in scrap battery supply in June and the increased demand for processing low-grade lead slag materials after zinc smelting expansion, some smelters have seen a decrease in the grade of lead feedstock, leading to an increased demand for high-grade lead ores or crude lead. Regarding prices and expectations, the market is concerned about the future supply price of REDDOG imported ores after the tariff hike in the US. Recently, the tender and bid price for imported lead concentrates (Pb 60) has reached -130 yuan/dmt, with the associated 10% zinc element not priced separately. In terms of silver pricing coefficients, smelters generally believe that there is no further room for increase in the current silver pricing coefficients for silver-bearing lead concentrates, especially against the backdrop of silver prices fluctuating at highs. The silver pricing coefficients for various types of silver-bearing lead concentrates are expected to remain stable in H2.

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