SMM

The import window period in April did not remain open continuously, and the ratio of SHFE lead to LME lead prices pulled back. From April to May, the trading volume of spot orders for lead concentrates decreased. Due to exchange rate fluctuations and some suppliers capitalizing on tariff issues for speculation, smelters adopted a more cautious attitude towards imported purchases, with a significant decline in enthusiasm. It is expected that lead concentrates arriving at ports in the future will still be dominated by long-term orders. Domestically, the market quotes for lead concentrates in May remained generally stable. A few suppliers with silver content exceeding 1.5 kg/mt slightly reduced the lead concentrate TCs, while the mainstream lead concentrate TCs remained stable overall.

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