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.

This article explains the 2026 revision of Vietnam's Mineral Law, including adjustments to mineral classification, optimization of mining permit rules, and enhancements to mineral control. These changes may have a significant impact on mining enterprises, particularly those involved in metallic mining activities in Vietnam, possibly affecting areas such as business operations, policy and tax compliance, upstream mining, and open new opportunities in mineral recycling business.

The extreme quotations for TCs in the imported concentrate market have not yet eased. Recently, the profitability of lead concentrate imports has improved slightly, and some smelters have expectations for the absolute price of imported crude lead or lead concentrates. Due to the continuous rise in silver prices, reaching new historical highs, the strong performance of the precious metals market has led to a downward trend in TCs for silver-bearing lead concentrates. In the domestic ore trade market, winter stockpiling has started early in north China, with some smelters maintaining TCs at around 500 yuan/mt in metal content after increasing raw material inventory; in contrast, some smelters in southern regions such as Yunnan and Hunan have provided extreme quotations ranging from nearly 0 to 200 yuan/mt in metal content to secure supply. Lately, due to differences in geographical location and resource access channels, there is a significant disparity in TC quotations among smelters. Currently, supported by strong metal content and sulphuric acid prices, smelting enterprises maintain high production enthusiasm. Although lead raw material grade and production may decrease due to undersupply, overall economic benefits remain favorable considering returns from precious metal recovery and other metal-rich comprehensive revenues. Medium and long-term, the tight supply-demand situation for lead concentrates is expected to be difficult to effectively resolve.

According to the latest customs data, lead concentrate imports reached 134,800 mt in physical content in August 2025, up 10.23% MoM and 15.22% YoY. By the end of 2024, cumulative lead concentrate imports totaled 927,700 mt in physical content, an increase of 28.18% compared to the same period last year. Additionally, silver concentrate imports for the same month amounted to 185,000 mt in physical content, up 20.01% MoM and 17.24% YoY.

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."