According to customs data, lead concentrate imports in February 2026 were 124,580 mt in physical content, up 3.8% MoM and up 26.4% YoY; cumulative imports in January-February reached 252,241 mt in physical content, up 14% YoY on a cumulative basis. Over the same period, silver concentrate imports were about 148,600 mt in physical content, down 17% MoM and down 8% YoY; cumulative imports in January-February were 328,600 mt in physical content, down 1.27% YoY on a cumulative basis.

[SMM Lead Concentrate TCs Latest Update] Recently, the SMMpb50TC processing fee was adjusted, decreasing by 50 yuan per mt in metal content, now at 450 yuan/mt in metal content, with overall prices ranging from 350 to 550 yuan/mt in metal content. Meanwhile, the SMMpb60TC processing fee also saw a reduction, decreasing by $30 per dmt, currently at -$90/dmt, with prices fluctuating between -$110 and -$70/dmt. According to market sources, despite an expected increase in maintenance for primary lead smelters this autumn, the supply pressure on lead concentrates has not significantly eased. Since mid-to-late August, the supply of imported lead concentrates has become particularly tight, even reaching a point where procurement is difficult, and the TCs for polymetallic lead concentrates have shown extreme conditions. In contrast, the adjustments in TCs for domestically produced lead concentrates have been more stable.

The SMM Imported Zinc Concentrate Index for this week is $53/dmt, with a 5.26% WoW increase. The SMM Imported Lead Concentrate average spot TC for this week is $-45/dmt.

[SMM Lead Concentrates Market Port Inventory Flash News] As of June 6, the total inventory of lead concentrates at main ports in China was 10,000 mt. In May, the supply of imported lead concentrates was tight, processing fees were lowered again, and imported ore port arrivals remained below expectations.

Overnight, LME copper opened at $9,640/mt, touching a low of $9,603.5/mt shortly after the opening bell.

[SMM Morning Lead Meeting Summary: Lead futures rise slightly, with limited rigid demand and thin trading among downstream enterprises] Domestic lead prices have rebounded after testing the bottom support recently, but still remain in the doldrums. Downstream enterprises have conducted limited restocking for rigid demand, with many adopting a wait-and-see attitude.