In April, the supply of lead concentrates in the Chinese market was slightly looser compared to March. Smelters indicated that quotations for lead concentrates of different qualities varied significantly in the market. After some lead concentrate prices saw slight increases at the beginning of the month, lead concentrate prices remained stable this week. Although smelters attempted to negotiate on the silver payable indicator, apart from a few cases where silver-bearing lead concentrates with silver content above 2,500 grams per mt in physical content saw slight reductions in the previously raised coefficients, traders and mine enterprises generally preferred to raise TCs instead of adjusting the payable indicator. As a result, the silver payable indicators for lead concentrates with various silver contents in the market did not show significant changes.

[SMM Morning Lead Meeting Summary: Spot Order Market Transactions Turn Weak Again, Lead Price Trend May Still Be Trapped in a Range] Smelters are facing tight supply of raw materials, with lead concentrate prices showing an upward trend and scrap battery purchase prices remaining high. Refineries are under significant operational pressure, with some companies significantly lowering their scrap battery purchase quotes yesterday; although some recyclers are selling off their inventory due to fear of price drops, arrivals remain limited. Meanwhile, downstream lead-acid battery orders are poor, and purchase willingness for lead ingots is weak...

The SHFE/LME price ratio fell back from highs this week. There was no profit from importing lead concentrates and crude lead. The supply and demand fundamentals of the domestic lead concentrates market showed no significant changes. The center of silver prices moved upward this week, and the pricing coefficient for some low-silver lead concentrates also stabilized simultaneously.