Chinese lead smelters turned more bearish on the procurement of raw materials in the week to Friday February 13, amid heightened price volatility in silver, which is often contained in lead ores as an important by-product and contributor to smelter profits, sources told Fastmarkets.

The escalating tensions between Iran and Israel since Saturday February 28 have heightened market concerns over potential disruptions to maritime trade routes, particularly the Strait of Hormuz – a key transit corridor for Iranian material shipments bound for China.

Gains in byproduct values are expected to play an increasingly important role in Chinese zinc and lead smelters’ margins in 2026, especially because concentrates availability is likely to tighten, adding further pressure to treatment charges (TCs), the primary income source for metal refiners, industry sources told Fastmarkets in the fortnight ended Friday January 16.

Explore the base metals outlook 2026 and learn how market trends are impacting copper, tin, and other metals this year.

Explore how China’s 15th Five-Year Plan drives base metals demand in advanced manufacturing and renewable energy.

After a consultation period, Fastmarkets will clarify and amend some of the specifications for MB-ZN-0005 Zinc SHG min 99.995% ingot premium, ddp Midwest US, US cents/lb; MB-PB-0006 Lead 99.97% ingot premium, ddp Midwest US, US cents/lb; MB-SN-0011 Tin grade A min 99.85% ingot premium, ddp Midwest US, $/tonne; MB-NI-0240 Nickel 4x4 cathode premium, delivered Midwest US, US cents/lb; MB-NI-0241 Nickel briquette premium, delivered Midwest US, US cents/lb; and the corresponding all-in prices for all of these, including the quality, unit and location.

Major Indian secondary lead manufacturer Pondy Oxides & Chemicals Limited (POCL) has reaffirmed its commitment to the green transition by making a strategic investment in US-headquartered ACE Green Recycling.

Fastmarkets proposes to clarify and amend some of the specifications for MB-ZN-0005 Zinc SHG min 99.995% ingot premium, ddp Midwest US, US cents/lb; MB-PB-0006 Lead 99.97% ingot premium, ddp Midwest US, US cents/lb; MB-SN-0011 Tin grade A min 99.85% ingot premium, ddp Midwest US, $/tonne; MB-NI-0240 Nickel 4x4 cathode premium, delivered Midwest US, US cents/lb; and the corresponding all-in prices for all of these including the quality, unit and location.

Chinese zinc smelters rejected Teck Resources’ proposal that they absorb the cost of a 10% reciprocal tariff against the US on the Canadian miner’s shipments of zinc concentrates from its Red Dog mine in Alaska, sources told Fastmarkets, highlighting the challenges producers are navigating as geopolitical risks rise.

LME copper prices took a significant hit following US President Donald Trump's announcement of a potential 50% tariff on copper imports. The uncertainty surrounding the timeline and implementation of the tariff has left market participants hesitant, with analysts noting its immediate impact on price momentum and trading activity.