Lead concentrate TCs remained generally stable this week. The weekly average TC for domestic Pb50 held at 250 yuan/mt Pb, while some silver-lead ores rich in copper and zinc continued to post TC quotations far below market transaction prices due to the rich metal content being either unpriced or priced at low levels. Overall, lead concentrates remained in tight supply. Transactions of imported ore were still scarce, with the weekly average TC for imported Pb60 reported at -$135/dmt. Smelters maintained mainstream quotations in the range of -$150 to -$130/dmt, while individual smelters, driven by by-product revenue needs and other reasons, were still willing to accept quotations of -$180 to -$200/dmt for imported silver-lead ore with rich metal content. This week fell within the negotiation period for next month's prices. Smelters remained willing to accept silver-lead ore with high rich metal content. Combined with the reduction in imported zinc ore, which to some extent fueled tighter sentiment for lead ore, lead ore TCs are expected to have further downside room going forward. However, as the silver coefficient in lead concentrates has already risen to a relatively high level and silver prices continued to trade within a range, the silver payable indicator remained unchanged for now.
![Rising China Supply Combined with Ex-China Inventories at 13-Year High Limits Upside Momentum for Lead Prices [SMM Lead Market Weekly Forecast]](https://imgqn.smm.cn/usercenter/msNEk20251217171722.jpg)
![Intraday lead prices edged up before fluctuating and pulling back, eventually closing with a doji [Lead Futures Brief]](https://imgqn.smm.cn/usercenter/qnyHQ20251217171721.jpeg)
