Lead concentrate imports up 3.6% MoM in Juy., imported pb60TCs continued to decline in 2025Q3 [SMM Analysis]

According to customs data, lead concentrate imports in July 2025 were approximately 122,300 mt, up 3.6% MoM and 28.3% YoY. As of July 2025, cumulative imports reached about 792,970 mt, an increase of 31% compared to the same period in 2024. In terms of origin, Russia, Australia, and Peru were the main sources, with these three countries accounting for 52.7% of total imports.

Regarding import profit margin, there was no significant change in the import status of lead concentrates compared to the previous month, remaining in a slight loss. Although the quantity, quotations, and actual imports of lead concentrates in circulation increased from July to August, processing fees did not correspondingly rise, mainly due to high smelter operation expectations. Additionally, some suppliers indirectly reduced the TCs for silver-lead ores by adjusting the pricing rules for precious metals. However, with precious metal prices stagnating at high levels, some lead smelters, concerned about the risk of falling prices, reduced their demand for high-silver-content lead concentrates. In the domestic market, due to higher profits from by-products, smelters were willing to pay lower TC discounts for lead concentrates rich in silver and other minor metals, further widening the price gap between different types of lead concentrates.

Entering Q3, pb60TCs continued to show a slight downward trend. To compensate for the shortfall in lead concentrate supply, domestic lead and zinc smelters turned to purchasing more zinc concentrates with high lead content or other lead-containing raw materials, or extended regular maintenance periods, thus keeping domestic lead concentrate TCs stable in the short term. It is expected that in H2 2025, TCs for imported lead concentrates will not see a significant increase, and the domestic lead concentrate market will continue to maintain a tight balance."