Weekly Brief Review of the Lead Concentrate Market (October 27, 2025 - October 31, 2025) [SMM Lead Concentrate Weekly Review]

Imported ore market, This week, the imported lead concentrate market remained sluggish. Although a few traders mentioned recent tender offers ranging from -$150 to -$160/mt (metal content), no further actual transactions were observed in the market. Domestic ore trade market, Domestically, the significant disparity in TCs between north and south China persisted. Smelters in regions such as Henan and Inner Mongolia continued winter stocking, while some lead-zinc mines in remote areas are expected to enter routine shutdowns in mid-to-late November. Some producers temporarily alleviated lead concentrate supply pressure through maintenance-related production cuts or early arrangements for imported ore raw materials, which kept offers from smelters in north China relatively firm. Smelters in south China, including Hunan and Yunnan, generally reported difficulties in procuring even low-silver lead concentrates. To cope with tight raw material supply, some smelters adopted partial production line suspensions or reduced feed volumes. Only a few producers, to ensure production schedules, procured low-silver lead concentrates at zero or even negative TCs. Amid recent significant fluctuations in silver prices, both mines and smelters maintained a cautious wait-and-see stance. In the short term, the payable indicator for silver in lead concentrates is expected to remain stable.