According to SMM data, overseas lead concentrate production reached approximately 588,000 tonnes of lead in concentrate in Q1 2025, down 1.8% year-on-year and 6.1% quarter-on-quarter. Australia recorded the largest decline, producing 91,000 tonnes of lead in concentrate in the quarter—down 12,000 tonnes YoY and 22,000 tonnes QoQ—due to January wildfires and floods in February and March. North America also posted a drop of 7,000 tonnes YoY and 12,000 tonnes QoQ, mainly driven by Mexico, where lower ore grades and reduced milling volumes weighed on output. Overall, weather-related disruptions were the main factor behind weaker-than-expected production. A mild recovery is anticipated in Q2.

[SMM Analysis: Domestic Lead and Zinc Mines Gradually Enter Regular Shutdown Period - How Will Lead Concentrate Supply Reduction and Resumption Pace Unfold?] Domestic lead and zinc concentrates have gradually entered the regular Chinese New Year shutdown and maintenance period since December, with significant differences in holiday schedules among major domestic mines. A few mines in high-latitude regions are affected by factors such as climate, geology, and transportation, leading to a substantial increase in mining and processing costs. The longest shutdown and resumption preparation period can reach up to three months.

[SMM Flash] According to foreign reports, Russia's Ozernoye plant resumed zinc concentrate production this Wednesday after delays caused by a fire and US sanctions last year. Located in a remote area approximately 200 kilometers from the Mongolian border, Ozernoye aims to reach full-scale production of 6 million tons of ore by 2025, with a zinc concentrate output of up to 600,000 tons containing 53% zinc and a lead concentrate output of up to 82,000 tons containing 50% lead. The plant's concentrate output will rank fifth globally.

According to new SMM sample, the average operating rate of lead concentrate producers stood at 50.80% in December, down 10.80 percentage points from the previous month and down 6.21 percentage points YoY.

According to new SMM sample, the average operating rate of lead concentrate producers stood at 45.7% in March, up 3.4 percentage points from the previous month but down 3.4 percentage points YoY.

The output of domestic lead concentrate decreased due to the CNY holiday in February and the cold weather in high-altitude areas. In March, the Two Sessions (NPC and CPPCC) and the five-month mine safety rectifications in some regions represented by Inner Mongolia will limit the growth in lead concentrate output.

SHANGHAI, Feb 15 (SMM) - The average operating rate of lead concentrate mines in SMM’s new survey sample stood at 33.6% in January, down 22.8 percentage points MoM.