Weekly Brief Review of the Lead Concentrates Market (March 9, 2026–March 13, 2026) [SMM Lead Concentrates Weekly Review]

This week, lead smelters still indicated that lead concentrate TCs had yet to see a substantive rebound. However, market quotes for silver-bearing lead concentrates with negative TCs had already decreased significantly. Smelters generally remained on the sidelines and purchased cautiously. Coupled with weak fundamentals in the refined lead market, smelters showed low willingness to stock up on raw materials. Silver prices fluctuated within a range and consolidated. After bullish sentiment cooled, apart from slight reductions in the highest quotes for certain silver concentrates or high-silver lead ore with silver content above 2,000 g/mt in physical content, the payable indicator for silver in lead concentrates with other silver content levels generally remained stable.