Weekly Brief Review of the Lead Concentrates Market (October 12, 2026 - October 16, 2026) [SMM Lead Concentrates Weekly Review]

This week, domestic Pb50 TCs (weekly) fell by 100 yuan/mt Pb to 0 yuan/mt Pb, and imported Pb60 TCs (weekly) fell by $5/dmt to -$190/dmt. Against the backdrop of winter stockpiling by smelters, imported ore arrivals were limited, and with north China mine production about to enter the off-season, supply remained tight. Meanwhile, smelter production in October was mainly recovering, and under undersupply, October TCs were lowered overall. In north China, some lead concentrate transaction prices were -800 yuan/mt Pb, with silver and gold priced separately. In addition, silver prices have fallen noticeably recently but have not yet reached previous lows, and enterprises indicated that the silver payable indicator in lead concentrates will remain largely stable for now.