According to the SMM survey and disclosures from listed companies, mines that completed construction and began trial operations in 2024 are expected to gradually ramp up production in 2025. The main increase in lead concentrate metal content is likely to come from regions such as Inner Mongolia, Xinjiang, and Tibet.
Additionally, for some lead-zinc ore projects still in the construction phase and not yet in production, market expectations generally lean towards H2 2025 or near 2026.
Therefore, although lead concentrate is expected to record positive growth for the entire year of 2025, smelters are more concerned with its associated minerals. The actual increase in high-silver lead ore is far less than the increase in lead concentrate metal content. As a result, high-silver lead ore may not see a significant rebound in 2025, while low-silver lead ore pb50% TC may experience a rebound.
