SMM August 21 News:
According to the latest customs data, lead concentrate imports in July 2026 were 115,000 mt in physical content, down 500 mt or -0.62% MoM, down 5.68% YoY. Cumulative lead concentrate imports from January to July were 819,000 mt in physical content, up 3.31% YoY.
By country, the top three origins for lead concentrate imports in July were Peru (23,000 mt in physical content, 19.99%), Russia (22,000 mt in physical content, 19.1%), and Oman (20,100 mt in physical content, 17.42%). Lead concentrate imports in July were basically flat, mainly because although imports from Russia and Australia fell, those from Oman increased notably. From the import profit perspective, the trend of LME outperforming SHFE continued in July, with the SHFE/LME lead price ratio remaining low. The import loss for lead concentrates once widened to over -700 yuan/mt, keeping the import window closed. Overall imports were primarily composed of long-term contract inflows and previous undelivered shipments.
In August, on the one hand, LME outperforms SHFE continued, and import arbitrage has not provided much opportunity for the time being; on the other hand, ore-derived lead smelters in Inner Mongolia, Henan, and Hunan in China entered the maintenance season, reducing demand for ore. However, against the backdrop of nationwide safety inspections in China, sudden incidents occurred frequently at mines in Inner Mongolia and safety inspections also became stricter, leading to a decline in contributions from domestic ore. A small amount of imported ore is needed as a supplement. Meanwhile, considering earlier shipment delays, imported ore was expected to see a slight increase in August.
Data Source Statement: All data other than publicly available information are processed by SMM based on publicly available information, market communication, and SMM’s internal database models, and are for reference only and do not constitute decision-making advice.
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