This week, Pb50 domestic TCs (weekly) were flat at 150 yuan/mt Pb, and Pb60 import TCs (weekly) were flat at -$170/dmt. Nearing month-end, enterprises mainly focused on prior negotiations, with limited actual transactions. From the current supply-demand situation, overall ore tightness has remained unchanged, and enterprises generally reported that TCs stayed at low levels. Some small mines in the north, which had halted production due to earlier safety and environmental protection inspections, gradually resumed operations. Meanwhile, considering the Q3 maintenance season, room for further TC declines was relatively limited, and some smelters began purchasing Q4 ore. In addition, silver prices rebounded from lows this week, boosting smelters' confidence in purchasing high-silver-content ore, and the payable indicator for silver in lead ore was largely stable. It is also learned that zinc payable terms in lead concentrates have changed from the previous period: the mainstream has shifted from 8-degree-based pricing to 5-degree-based pricing, with a small portion using 7-degree-based pricing, and the pricing method gradually expands the coefficient based on the degree.
![SHFE lead consolidated on a subdued note intraday, recording a small bald bearish candlestick [Lead Futures Brief]](https://imgqn.smm.cn/usercenter/lIHfM20251217171721.jpeg)
