Weekly Review of the Lead Concentrate Market (September 22, 2025 - September 26, 2025) [SMM Lead Concentrate Weekly Review]

The extreme quotations for TCs in the imported concentrate market have not yet eased. Recently, the profitability of lead concentrate imports has improved slightly, and some smelters have expectations for the absolute price of imported crude lead or lead concentrates. Due to the continuous rise in silver prices, reaching new historical highs, the strong performance of the precious metals market has led to a downward trend in TCs for silver-bearing lead concentrates. In the domestic ore trade market, winter stockpiling has started early in north China, with some smelters maintaining TCs at around 500 yuan/mt in metal content after increasing raw material inventory; in contrast, some smelters in southern regions such as Yunnan and Hunan have provided extreme quotations ranging from nearly 0 to 200 yuan/mt in metal content to secure supply. Lately, due to differences in geographical location and resource access channels, there is a significant disparity in TC quotations among smelters. Currently, supported by strong metal content and sulphuric acid prices, smelting enterprises maintain high production enthusiasm. Although lead raw material grade and production may decrease due to undersupply, overall economic benefits remain favorable considering returns from precious metal recovery and other metal-rich comprehensive revenues. Medium and long-term, the tight supply-demand situation for lead concentrates is expected to be difficult to effectively resolve.