SMM Lead Concentrate Weekly Market Review (January 19, 2026–January 23, 2026) [SMM Lead Concentrate Weekly Review]

This week, precious metal prices fluctuated at highs. Both lead smelters and mining enterprises have raised their silver price expectations for 2026 to above 20,000 yuan/kg. Consequently, the payable indicator for silver contained in lead concentrates of certain silver-lead ore types with low price adjustment frequency (annual or quarterly adjustments) was increased in Q1 2026. According to SMM, regional quotations for lead concentrates still show significant differences. In regions like Yunnan and Hunan, the mainstream payable indicator for lead concentrates containing 1,000g of silver per mt in physical content has risen to 0.91-0.92, while in north China, this coefficient remains at 0.90-0.91. A smelter in Yunnan indicated that it is difficult to obtain offers above 100 yuan/mt in metal content for low-silver lead concentrate TCs (containing less than 300g of silver per mt in physical content). Overall market offers are stabilizing, but due to factors like recovery rates, the payable indicator for silver in such ores has not seen a significant increase. In the domestic import concentrate trade market, market offers have gradually increased, but lead concentrate TCs for January remained at -$150 to -$160/dmt. Due to the recent trend where the domestic market outperforms the overseas market for silver, purchasing interest from some smelters has increased. Furthermore, SMM learned that as silver prices stabilized at highs, the payable indicator for silver contained in zinc concentrates also increased by nearly 10%.