[SMM Lead Market Flash] The "Specification for Limiting Harmful Elements in Heavy Non-Ferrous Metal Concentrates" was issued on February 28, 2025, and is scheduled to be implemented on September 1, 2025. It stipulates that the maximum allowable limits for harmful elements in lead concentrates are As 0.60%, Hg 0.05%, Cd 0.4%, and Tl 0.02%. According to the SMM survey, this specification primarily restricts the entry of imported ore with excessive harmful elements into the domestic market. However, smelters have indicated that such imported ore with excessive harmful elements is rarely seen and currently does not significantly impact the supply of imported lead concentrates. In actual transactions of domestic lead concentrates, smelters only focus on arsenic content and adjust transaction terms accordingly, while other elements are often not specifically monitored or penalized.