In mid to late August, the TCs for imported lead concentrates showed a downward trend again, with some zinc-lead mines indicating that their lead concentrate sales orders had been scheduled and pre-sold until October. Despite the autumn maintenance at primary lead smelters, the tight supply of lead concentrates did not see significant relief. With substantial by-product and sulphuric acid revenues, lead smelting operations remained at high levels. In Hunan and Yunnan, the days of raw material inventories at some smelters slightly declined, and smelters lowered the TCs for lead concentrates to secure raw material supplies and maintain stable production. However, as some smelters can supplement their lead concentrate needs with other lead-bearing materials, for instance, some integrated zinc-lead smelters stated that when purchasing zinc concentrates, they would prioritize ores with higher lead content, thereby increasing the lead-bearing residues from the zinc smelting process to partially substitute for lead concentrates. Additionally, some smelters, concerned about the potential decline in TCs during the winter off-season, kept summer TC quotes for lead concentrates firm, limiting the adjustment range. The scarcity of imported lead concentrate supply has not improved, and market circulation pb60TC quotes have shown another downward trend. For low-silver imported lead ore with less than 200 grams/dmt of silver, the actual transaction price has dropped to between -$70 and -$100/dmt; while for medium to high-grade silver-bearing ores with 200-1000 grams/ton of silver, the general quote is below -$100/dmt

According to customs data, lead concentrate imports in July 2025 were approximately 122,300 mt, up 3.6% MoM and 28.3% YoY. As of July 2025, cumulative imports reached about 792,970 mt, an increase of 31% compared to the same period in 2024. In terms of origin, Russia, Australia, and Peru were the main sources, with these three countries accounting for 52.7% of total imports. Regarding import profit margin, there was no significant change in the import status of lead concentrates compared to the previous month, remaining in a slight loss. Although the quantity, quotations, and actual imports of lead concentrates in circulation increased from July to August, processing fees did not correspondingly rise, mainly due to high smelter operation expectations. Additionally, some suppliers indirectly reduced the TCs for silver-lead ores by adjusting the pricing rules for precious metals. However, with precious metal prices stagnating at high levels, some lead smelters, concerned about the risk of falling prices, reduced their demand for high-silver-content lead concentrates. In the domestic market, due to higher profits from by-products, smelters were willing to pay lower TC discounts for lead concentrates rich in silver and other minor metals, further widening the price gap between different types of lead concentrates. Entering Q3, pb60TCs continued to show a slight downward trend. To compensate for the shortfall in lead concentrate supply, domestic lead and zinc smelters turned to purchasing more zinc concentrates with high lead content or other lead-containing raw materials, or extended regular maintenance periods, thus keeping domestic lead concentrate TCs stable in the short term. It is expected that in H2 2025, TCs for imported lead concentrates will not see a significant increase, and the domestic lead concentrate market will continue to maintain a tight balance."