This week, the weekly Pb50 domestic TC was flat at 150 yuan/mt Pb, and the weekly Pb60 imported TC was flat at -$170/dmt. During the week, enterprises were mainly negotiating TCs for the next month. Based on current negotiations, concentrates rich in associated metals are expected to edge down, while standard concentrates are expected to see relatively small changes. This is mainly because profits from minor metals such as sulphuric acid and silver have become the primary support for ore-derived lead smelting profits. During the week, it was heard that lead concentrates containing silver and antimony with separate valuation were transacted at a TC of -450 yuan/mt Pb. Meanwhile, some lead concentrates were sold together with zinc concentrates, with the lead concentrates containing copper, gold, and silver, settling at a TC of -200 yuan/mt Pb. Some high-silver concentrates with a small amount of unvalued copper were transacted at a TC price of -3,700 yuan/mt Pb. In July, some domestic mines reduced or halted production due to safety and environmental protection inspections and the rainy season. Production is expected to recover in August, while domestic ore-derived lead smelters are anticipated to undergo maintenance in late August. It is expected that there will be limited room for further declines in domestic lead concentrate TCs in August. On the imported concentrates side, port lead concentrate inventory stood at a relatively high level of over 30,000 mt, and with the ratio at low levels, mainstream transaction prices for imported concentrates remained unchanged, mainly steady.

According to SMM, the upward momentum of PV-grade EVA market quotes started to slow this week, with trader offers mostly concentrated at 10,500 yuan/mt. Downstream acceptance of the price increase was limited, also affected by the recent halt in ethylene price gains on the raw material side and the switch of some units to PV-grade EVA production.

According to SMM statistics, on July 30, aluminum billet inventory in major consuming regions in China stood at 119,500 mt, down 2,500 mt from last Monday and down 1,500 mt from last Thursday. The inventory ended its two-week buildup trend and shifted to slight destocking. On a YoY comparison basis, inventory was 27,500 mt lower than the same period in 2025, 9,700 mt lower than in 2024, but 40,600 mt higher than in 2023.

[Indonesia] Indonesia’s billet price decreases by 5 USD/tonne from 460 USD/tonne FOB to 455 USD/tonne FOB. This is due to sluggish demand and the growth of construction project happening in Indonesia is slow. However, due to the low price, the prediction of the demand is rising as the foreigner & traders will see Indonesia’s price is tempting while the supply remains the same.

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[SMM Analysis: Import and Export Market Analysis of China's Copper Foil Industry in H1 2026] According to data from the General Administration of Customs, China's cumulative copper foil exports in January–June 2026 were 39,700 mt, up 72.83% YoY; cumulative copper foil imports in January–June were 45,100 mt, up 12.17% YoY, with import growth significantly lower than export growth...

[Weak demand, galvanising operating rate edges down]: This week, the operating rate of the galvanising industry was 53.39%, down 1.47 percentage points WoW. Raw material side, zinc prices continued to consolidate at highs this week, and enterprises' purchases were still mainly based on rigid demand, with zinc ingot inventories at galvanising enterprises continuing to decline.

[Weak Demand, Galvanizing Operating Rates Edge Down]: This week, the operating rate of the galvanizing industry was 53.39%, down 1.47 percentage points WoW. Raw material side, zinc prices continued to consolidate at highs this week, and enterprise procurement remained mainly rigid demand-driven. The zinc ingot inventory at galvanising enterprises continued to decline.

[Spot premiums in Tianjin remain stable]: This week, spot premiums for zinc ingot in Tianjin remained largely stable. As of this Friday, mainstream domestic brands were quoted at a discount of 60-120 yuan/mt against the 2609 contract, while high-end brands were quoted near parity against the same contract. The Tianjin market was quoted at a discount of around 100 yuan/mt against the Shanghai market, widening the Shanghai-Tianjin price spread, amid the contract rollover this week.

【SMM Flash】Today in Guangdong, the purchasing sentiment of refined zinc stands at 1.85, while selling sentiment registers 2.42.With upward shift in futures price center, downstream buyers show obvious reluctance to chase higher prices. Affected by pricing, market demand turns softer with muted trading activity, and spot premiums/discounts linger at low levels.