Weekly Review of Lead Concentrates Market (July 07, 2025 - July 11, 2025) [SMM Weekly Review of Lead Concentrates]

The tight balance in the supply and demand of lead concentrates has not yet been alleviated, and smelters still mainly rely on long-term contracts for cargo pick-up. According to market news this week, in the negotiations for the supply of REDDOG imported ore after the tariff hike in the US, the increased costs resulting from the tariff hike were ultimately shared equally by buyers and sellers. Despite the significant rise in the cost of this batch of imported lead concentrates, it briefly eased expectations of an exacerbated shortage of raw materials for smelters in Q4. Regarding the silver pricing coefficient, in silver-bearing lead concentrates, there is currently no further room for an increase in the silver pricing coefficient. Amidst the strengthening silver price, the smelters' earnings from silver by-products are moderate. Some silver concentrate suppliers have slightly reduced the lead TCs but have not adjusted the silver pricing coefficient. The silver pricing coefficients for various types of silver-bearing lead concentrates are expected to remain stable in H2.

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