Weekly Review of the Lead Concentrate Market (October 20, 2025 - October 24, 2025) [SMM Lead Concentrate Weekly Review]

There were almost no offers in the imported ore market, and a smelter stated that the few extreme quotes on the market had no practical reference value. In the domestic ore trading market, winter stockpiling by smelters in Henan, Inner Mongolia, and other regions has not yet ended, and some manufacturers' maintenance and production cuts have temporarily alleviated the supply pressure of lead concentrates. The difference in TCs between the north and south China has widened, with northern China smelters offering relatively firm prices. Lead concentrate TCs at delivery-to-factory price can still be maintained at 300-400 yuan/mt in metal content, while some smelters with higher raw material inventories are quoting 500-600 yuan/mt in metal content for TCs to test the market. Smelters in southern regions such as Hunan and Yunnan generally reported that even low-silver lead ores have fallen into "involution" in terms of pricing, with smelters negotiating each mine individually. Some manufacturers are even purchasing low-silver lead ores at zero TCs to ensure the smooth completion of their production plans. Mines and smelters are cautiously observing the recent sharp rise in silver prices, and some market traders are concerned about the severe fluctuations in silver prices, which may keep the payable indicator for silver content in lead concentrates stable in the short term.