SMM

The domestic supply of lead concentrates remains tight. After the price adjustment of imported ore with a Pb60TC, the market has seen a situation where prices are quoted but there is little actual trading. Some traders have quoted prices for silver-lead ore in the range of -$60 to -$80 per dry metric ton (dmt), and smelters are adopting a cautious stance with low purchase intentions. In the domestic market, the routine maintenance of some smelters in late June and the increase in production at lead-zinc ore projects in Xinjiang, Tibet, and other regions have slightly alleviated the supply deficit pressure of lead concentrates in some local areas. Smelters in multiple regions, including Inner Mongolia and Henan, have not shown any intention to adjust the domestic Pb50TC prices. However, the expected insufficient supply of imported ore, combined with the recent tight supply of other lead-bearing materials and crude lead, is expected to persist, and there is no anticipated rebound in lead concentrate TCs in the short term. Regarding the silver pricing coefficient in lead concentrates, despite silver prices reaching new highs in June, smelters generally indicate that there is no room for further increases in the silver pricing coefficient in lead concentrates after several rounds of price hikes. The silver pricing coefficient in various types of silver-bearing lead concentrates has remained unchanged for the time being.

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