Weekly Review of Lead Concentrate Market (September 1-5, 2025) [SMM Lead Concentrate Weekly Review]

After the decline in TCs of imported lead concentrates at month-end August, the imported ore trade market remained illiquid in September, with extremely low expectations for future lead concentrate arrivals. Regarding domestic ore quotations, smelters in Henan and Inner Mongolia suspended offers due to routine maintenance in September, while other smelters indicated limited transactions could still be concluded for pure lead ore without rich metal content at 500-600 yuan/mt in metal content. To maintain stable production, smelters in Yunnan and Hunan offered low-silver lead concentrates at 100-300 yuan/mt in metal content for raw material stockpiling. However, SMM learned that smelters in Hunan and Guangdong also mentioned expectations of marginal production declines due to insufficient raw materials in September.