This week, lead concentrate TCs were generally flat. The weekly average TC for domestic Pb50 was 200 yuan/mt Pb, and for imported Pb60 it was -$145/dmt. During the week, TCs for standard ores held steady. Some enterprises that set prices at month-end or early in the month continued with previous prices. For silver-lead ores rich in copper and zinc, with non-payable metal content, transaction TCs were at a high level of around -2,900 yuan/mt Pb. For imported ores, smelters were willing to accept silver-lead ore TCs exceeding -$200/dmt, driven by payable metal credits and blending needs. Also, although silver prices fell to around 15,000 yuan/mt during the week, the decline was brief and did not form an absolute low. Combined with high silver recovery rates at lead smelters, the payable indicator for silver in lead concentrates has not yet been lowered.

Lead concentrate TCs were lowered by 50 yuan/mt Pb overall this week. The average weekly TC for domestic Pb50 was reduced to 200 yuan/mt Pb, while some silver-lead ores rich in copper and zinc were still quoted with high TCs above -2,000 yuan/mt Pb due to reasons such as non-pricing or low pricing of contained metals. Overall, lead concentrates remained in tight supply. Due to low arrivals of imported ore, the average weekly TC for imported Pb60 was reduced to -145 $/dmt, and the mainstream quotation range for smelters was lowered to -160 to -130 $/dmt. A few smelters accepted quotations above -200 $/dmt for imported silver-lead ores with good richness due to by-product revenue needs and other reasons. Some smelters have not yet finalized their prices for this month. In terms of negotiations and expectations, lead concentrates exhibited a polarization trend: smelters paid less attention to low-richness ores, but were still willing to accept high-metal-richness silver-lead ores. Additionally, the decline in imported zinc ore, to some extent, fueled the tight supply sentiment for lead ore, making lead concentrate TCs more likely to fall than rise. Meanwhile, the silver coefficient in lead concentrates remained unchanged, mainly because silver prices stayed range-bound and the coefficient had already risen to a relatively high level, thus remaining largely stable overall.

Lead concentrate TCs were flat overall this week. The weekly average TCs for domestic Pb50 concentrates held steady at 250 yuan/mt Pb. Some silver-lead ores rich in copper and zinc still quoted TCs far below market transaction prices because the contained metals were either not valued or priced at low levels. Overall, the lead concentrate market remained tight, with limited traded volumes of imported ore. The weekly average TCs for imported Pb60 concentrates stood at -$135/dmt. Smelters maintained mainstream quotations in the range of -$150 to -$130/dmt, while some individual smelters, due to by-product revenue needs and other factors, were still willing to accept quotations of -$180 to -$200/dmt for high-grade imported silver-lead ore. This week was in the period of price negotiations for next month's deliveries. Smelters remained willing to accept silver-lead ore with high payable metal content. Coupled with the reduction in imported zinc ore, which to some extent fueled tightness sentiment in lead ore, it is expected that lead ore TCs still have some downside room ahead. As the silver payable coefficient in lead concentrates has risen to a relatively high level, and silver prices continued to trade in a range, the payable coefficient for silver remained unchanged for now.

This week, smelters in some regions mentioned that lead concentrate TCs showed signs of further decline. The weekly average TC for domestic Pb50 was lowered to 250 yuan/mt Pb. Some silver-lead ores rich in copper and zinc were quoted with TCs far below market transaction prices because the contained metals were not paid or had low payable indicators. The supply of imported ore remained tight, with limited transactions. The weekly average TC for imported Pb60 was reported at -$135/dmt. Smelters continued to maintain a mainstream quotation range of -$150 to -$130/dmt. A few individual smelters could still accept quotations of -$180 to -$200/dmt for imported silver-lead ores with good content due to by-product revenue needs and other reasons. Silver prices continued to move sideways this week. Buyers and sellers had not yet reached a consensus on the silver price rebound trend. However, silver-bearing lead ores remained scarce, and the payable indicator for silver maintained a trend of being more likely to rise than fall.

Lead concentrate TCs remained largely stable this week. The average weekly TC for domestic Pb50 was reported at 300 yuan/mt Pb, while the average weekly TC for imported Pb60 stood at -$135/dmt. Smelters continued to quote a mainstream range of -$150 to -$130/dmt. Due to the persistent decline in the SHFE/LME lead price ratio, losses on imported lead concentrates widened, leaving smelters with little willingness to negotiate or purchase. As a result, actual transactions for imported ore were thin. This week, the biggest surprise in the precious metals market came from Peru’s emergency energy decree, which triggered wild swings in silver prices. However, the volatility in precious metals prices has yet to feed through to TCs for imported concentrates or the payable indicator for silver in lead concentrates. Some smelters indicated that no supply disruption is expected in the near term for lead concentrates sourced from Peru. The payable indicator for silver remained steady, mainly because buyers and sellers are uncertain about the sustainability of the rebound in silver prices, making it easier to maintain consensus at current levels. Although zinc concentrate TCs saw sharp cuts in May due to a significant rise in sulphuric acid prices, lead concentrate TCs were largely unchanged over the same period. Several mining companies indicated that lead concentrate TCs have almost no room left to decline.

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.

This week, lead concentrate TCs remained stable overall. Some mining enterprises reported that in May, due to market conditions and a significant increase in sulphuric acid prices, they lowered zinc concentrate TCs, but the offer prices for lead concentrates produced and sold during the same period were not adjusted. A few suppliers of lead concentrates containing payable copper and zinc adjusted the starting payable or payable coefficient for copper and zinc in the lead ore, but did not directly lower the TCs for lead concentrates. In terms of 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, import losses for lead concentrates have widened, and smelters showed low enthusiasm for negotiating and purchasing. Regarding the silver payable coefficient for lead concentrates, as silver prices have yet to break out of the sideways movement and coupled with complex macroeconomic influences, the outlook for precious metals remains unclear, both buyers and sellers are cautious and taking a wait-and-see approach, and the silver payable coefficients for lead concentrates with various silver content remained stable.

This week, lead concentrate TCs remained stable overall. Some mine enterprises indicated that lead concentrate TCs have almost no room for further decline, while imported ore prices were mainly quoted at -$150 to -$130/dmt. Affected by the recent tight supply-demand of zinc concentrates and copper concentrates, some suppliers of lead concentrates rich in zinc and copper adjusted the payable indicators for copper and zinc. Although the overall value of such copper-zinc-rich lead concentrates was raised, the payable indicators for lead and precious metals remained unchanged. The silver payable indicators for lead concentrates with various silver contents in the market remained firm.

This week, domestic smelters continued to indicate that there were no signs of easing in the supply-demand dynamics of lead concentrates in the market. Imported ore prices remained predominantly quoted at -$150 to -$130/dmt, with individual smelters mentioning that traders attempted to offer even lower TCs for silver-lead ore, but no actual transactions were concluded. Lead concentrate quotations in China's market remained stable. Although some mines had lowered zinc concentrate TCs due to declining sulphuric acid prices, lead concentrate TCs were not adjusted accordingly, and the payable indicators for silver content across various grades of lead concentrates in the market remained firm.

This week, domestic smelters still noted that lead concentrate quotes varied considerably in the market, supply of high-grade (with lead content above 55%) lead concentrates remained tight, and market quotations were stable WoW. Some smelters mentioned that the slight increase in lead concentrate prices in April occurred because sellers chose to slightly raise TCs instead of adjusting the payable indicator after precious metal prices weakened, while lead concentrate supply did not show any notable easing. This week, lead concentrate TCs across regions were broadly steady, the rise in sulphuric acid prices had no significant impact on lead concentrate TCs, and silver payable indicators for lead concentrates of various silver contents held firm in the market.