Weekly Review of Lead Concentrates Market (July 14, 2025 - July 18, 2025) [SMM Weekly Review of Lead Concentrates]

The tight balance between supply and demand of lead concentrates has not eased yet. Some smelters in Hunan mentioned that domestic silver-lead concentrate TCs have fallen below zero. Although long-term contract supply remained moderate for some smelters and lead concentrate TC offers were not adjusted, the excessively high TCs were nearly impossible to transact. Lead concentrate supply was relatively ample in Henan and Inner Mongolia. Except for a few silver-lead ore sellers who quoted lower lead TCs while negotiating higher zinc TCs, smelters in these regions showed low intention to adjust Pb50 TCs, maintaining overall stability. Regarding the silver pricing coefficient, as silver prices have not stabilized above 9,000 yuan/kg, neither buyers nor sellers mentioned adjustment needs. Some traders noted that if the July average silver price exceeds 9,000 yuan/kg and continues to rise, the silver pricing coefficient might be adjusted again. However, the current upside for the coefficient is limited, as silver prices faced a brief correction this week. The silver pricing coefficients for various silver-bearing lead concentrates are likely to remain stable.