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

On April 29, Tibet Huayu Mining released its Q1 2026 production and operation data announcement. The report showed that in Q1 2026, zinc concentrates production totaled 2,070 mt in metal content, lead-antimony concentrates with silver content reached 1,489 mt in metal content, and gold concentrates reached 323.6 kg.

[Zinc Concentrates Tender] According to SMM, the tender results from a mine in north China were released last week, with the self pick-up tender price at around 2,200 yuan/mt in metal content (including a 20/80 profit-sharing arrangement), where by-product metals were not priced separately. SMM will continue to monitor subsequent changes in TCs.

[Zinc Concentrates Tender] According to SMM, a mine in southwest China recently set its May zinc concentrates self pick-up tender price at around 800 yuan/mt in metal content, down nearly 600 yuan/mt in metal content MoM. SMM will continue to monitor subsequent changes in TCs.

[Imported Zinc Concentrates Market] Ahead of the Labour Day holiday, trading of imported zinc concentrates was relatively sluggish this week, but overall TCs remained at low levels, with offers for concentrates rich in by-product metals still around -$40 to -$50/dmt.

[China Zinc Concentrates Market] As of April 30, SMM weekly TCs for domestic zinc concentrates dropped to 850 yuan/mt in metal content, hitting a record low. According to sources, this was mainly because domestic smelters were actively producing, supported by sulphuric acid and by-product metal profits. Additionally, unfavorable import-export price ratios led smelters to prioritize purchasing domestic zinc concentrates, driving domestic TCs notably lower.

[Some Mine Tender Prices Continued to Decline, Awaiting May Negotiation Pricing]: Based on weekly data, the SMM Zn50 domestic weekly average TC fell 200 yuan/mt Zn WoW to 850 yuan/mt Zn, and the SMM imported zinc concentrates index dropped $3.12/dmt WoW to -$39.25/dmt...

As of April 24, the average domestic zinc concentrate TC dropped to 1,050 yuan/mt in metal content, and the imported zinc concentrate TC fell to -$36.13/dmt. Overall, zinc concentrate TCs continued to decline, with imported zinc concentrate TCs deepening further into negative territory. In May, domestic zinc concentrate TCs in multiple regions plan to further drop to three-digit levels.

[SMM Data: Complete Summary of SMM March 2026 Import and Export Data] SMM March 2026 import and export data showed: copper cathode net imports were lower YoY; primary aluminum imports reached 255,000 mt, up 14.8% YoY; refined lead imports surged significantly; zinc ingot imports were up 220% MoM; tin ore imports were up 122% YoY; silver imports were up 93% MoM; steel exports rebounded MoM; PV module export value was up 122.7% MoM; silicon metal exports were up 43% MoM, and magnesium exports hit a multi-year high. Among new energy materials, exports of LiPF6 and artificial graphite surged significantly.

[Lead-Zinc Ore Market Dynamics] A project advancement meeting for the Feihushan lead-zinc mine was held this week in Huzhong District, Heilongjiang, chaired by Guan Jingjun, Deputy Secretary of the District Party Committee and District Governor. The total investment for the Feihushan lead-zinc polymetallic mine development project is expected to be 396.7111 million yuan, with all required funds to be self-raised by the enterprise. Upon completion, the project will have an annual capacity of 300,000 mt of raw ore (including 200,000 mt of lead-zinc ore and 100,000 mt of iron ore). The mineral processing products will be lead concentrates, zinc concentrates, and iron ore concentrates, with a service life of 14 years (excluding a 4-year construction period).