Weekly Review of the Lead Concentrate Market (December 29, 2025 - December 31, 2025) [SMM Lead Concentrate Weekly Review]

This week, with only three trading days, the lead concentrate market remained sluggish. As mines had largely completed their December sales targets and collected deposits for the following month before closing their books early, there was little market activity this week. In the imported ore trading market, transaction demand may be delayed until after the New Year's Day holiday, as the festive atmosphere is strong. Domestic smelters maintained a wait-and-see attitude, and the overall lead concentrate TCs in January remained stable. In the short term, smelters still mainly use silver-lead ore as raw material. After the silver price retreated from its high this week, some smelters adopted a brief wait-and-see approach, but the long-term bullish outlook on silver prices remains unchanged. The payable indicator for silver continues to be at a high level without further increase, remaining stable in the short term.