This week, smelters in some regions reported that lead concentrate TCs showed signs of declining again. The weekly average TC for domestic Pb50 dropped to 250 yuan/mt Pb. Some silver-lead ores rich in copper and zinc were quoted at TCs far below market transaction prices due to the contained metals being either unaccounted for or valued at low levels. Imported ore supply remained tight with few transactions. The weekly average TC for imported Pb60 was quoted at -$135/dmt, with smelters maintaining mainstream quotations in the range of -$150 to -$130/dmt. Some individual smelters, driven by by-product revenue needs and other reasons, were still willing to accept quotations of -$180 to -$200/dmt for imported silver-lead ores with relatively good contained metals. Silver prices continued to move sideways this week. Buyers and sellers had yet to reach a consensus on the rebound trend of silver prices, but silver-bearing lead ores remained a scarce resource, and the payable indicator for silver content maintained a trend of being more likely to rise than fall.

Recently, the lead concentrates market has remained relatively stable amid a confluence of macro and industry factors. Although sulphuric acid prices surged significantly and silver prices experienced wild swings driven by events such as the US-Iran peace talks and the Peruvian energy crisis, the transmission of these factors to the silver-bearing lead concentrate TCs space was limited, and lead concentrate TCs remained broadly stable overall.

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Lead concentrate TCs remained generally stable this week. Some mining enterprises indicated that they had lowered zinc concentrate TCs in May due to market conditions and a sharp rise in sulphuric acid prices, but the quoted lead concentrate TCs for concentrates produced and sold during the same period were not adjusted. A few suppliers holding lead concentrates rich in zinc and copper adjusted the starting payable or payable indicator for copper and zinc contained in lead ore, but did not directly lower their lead concentrate TC quotations. Regarding imported ore prices, smelters maintained mainstream quotations of -$150 to -$130/dmt. Since late April, the SHFE/LME lead price ratio has continued to decline, losses on imported lead concentrates have widened, and smelters showed little enthusiasm for negotiating and purchasing. Regarding the silver payable indicator for lead concentrates, as silver prices have yet to break out of their sideways range and macro influences remain complex, the precious metals trend remains unclear. Both buyers and sellers remained cautiously on the sidelines, and the silver payable indicator for lead concentrates across various silver content levels remained stable.

Highlights of Future Lead 3M price: As of 17 April, Asian trading session opening in a tight but gradually strengthening range during the early trading, edging higher from around $1,950/t to test levels near $1,959/t and closed at $1960/t. Market activity was moderate, with no major breakout, suggesting traders are positioning cautiously ahead of the next key catalysts. Highlights of the China lead ore market: The lead ore market remains relatively unstable, with pricing still somewhat disordered. High-grade material of lead ore (above 60%) is in tight supply; however, there are no clear signals of a strong upward price trend for lead ore during this time, although competition for ore inventory persists due to the off-season of the lead market.

Shanghai Metals Market (SMM) is thrilled to announce that our 2026 SMM Global Lead-Acid Battery Supply Chain Industry Conference is scheduled to take place in Ho Chi Minh City, Vietnam, during November 12-13, 2026！