Weekly Brief Review of the Lead Concentrate Market (September 15, 2025 - September 19, 2025) [SMM Lead Concentrate Weekly Review]

The import ore market remains in a state of nominal pricing with thin actual transactions. Some lead concentrates with favorable grades were offered at -$170/mt (metal content), but most smelters did not accept this price. Only a few smelters, aiming to maintain stable production, might have engaged in limited negotiated transactions. In the domestic ore market, winter stockpiling by smelters in north China started early, with some lead concentrates in Inner Mongolia already sold through pre-sale contracts. Smelter TCs varied widely. Some smelters, whose raw material inventory increased recently due to the arrival of imported ore, offered intended TCs higher than the market transaction price. Only mines with geographical advantages could still deliver and complete transactions. In Henan, Hunan, and Yunnan, smelters that had not built up raw material inventories for more than 15 days still competed for ore with low TCs to ensure supply. In Q4, the supply and demand for lead concentrates are expected to remain in a tight balance. Some smelters in Hunan and Yunnan have already experienced slight production declines due to insufficient raw material stockpiling.