Weekly Brief Review of the Lead Concentrate Market (November 2, 2025 - November 6, 2025) [SMM Lead Concentrate Weekly Review]

Offers in the imported ore market were scarce, with no further actual transaction quotes for forward imported lead ore. Some traders mentioned that due to the supply deficit, TCs of imported lead concentrates remain more likely to fall than rise. In the domestic ore trading market, smelters in Henan, Inner Mongolia, and other regions continued purchasing as needed. TCs for low-silver lead concentrates were maintained at quotes of 300-400 yuan/mt in metal content, while offers of 500 yuan/mt in metal content for low-silver lead concentrate TCs have almost disappeared. Except for some plants receiving imported ore and processing trade silver concentrate long-term contracts that were ordered in advance as scheduled, with relatively firm quotes, a few smelters still passively accepted sellers' lower TC quotes when making just-in-time procurement of lead concentrates. In southern regions such as Jiangxi, Hunan, and Yunnan, smelters experienced declines in operating rates due to lead concentrate supply deficits. A small number of plants, to ensure production plans, procured low-silver lead concentrates at zero or negative TCs, though market transactions remained relatively thin. Recently, as silver prices entered a volatile adjustment phase, many market traders maintained bullish expectations for future precious metal prices. The payable indicator for silver content in lead concentrates has not yet seen a pullback and may remain high amid the shortage.