Domestic Lead and Zinc Mines Gradually Resume Production: What Is the Pace of Lead Concentrates Resumption? [SMM Analysis]

Published: Feb 19, 2025 14:45

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[SMM Analysis: Domestic Lead and Zinc Mines Gradually Resume Production - What Is the Pace of Lead Concentrates Resumption?] According to SMM, the routine winter shutdown and maintenance of domestic lead and zinc concentrates began as early as December, with concentrated maintenance mainly occurring around the Chinese New Year holiday. After the Lantern Festival, what is the pace of lead concentrates production resumption? SMM provides an analysis for you.

According to SMM data, December-February, lead concentrate production continued its downward trend. After the gradual recovery of lead concentrate projects in February, production has not yet reached full capacity. Lead concentrate supply in north China is expected to see marginal growth in March-April.

It is understood that short-cycle (15-20 days) routine maintenance projects at mines generally resumed normal operations around the Lantern Festival, with some mines and beneficiation plants starting operations 5-7 days later than mining activities. Only a few small- and medium-sized mining projects experienced unexpectedly delayed production recovery. In terms of production, February lead concentrate production is expected to decrease by 12,400 mt in metal content MoM to 99,200 mt in metal content. As mine production stabilizes, March lead concentrate supply may recover to 110,000-120,000 mt in metal content.

Additionally, several mines mentioned that lead concentrate products produced in February might not immediately enter the quotation and sales phase due to unstable production. These products may enter the market in March after production stabilizes. Therefore, although lead concentrate supply slightly improved in late February compared to post-holiday levels, it has not entered market transactions. Coupled with limited growth in overseas lead concentrate supply and the closure of import windows, domestic lead concentrate supply remains in tight balance. In the short term, lead concentrate pb50TC quotations are not expected to rebound.

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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