By-product payables gain increasing importance in zinc and lead concentrate TCs

Fastmarkets07-28

How by-product payables affect concentrate pricing Where a by-product payable is negotiated separately, headline TCs reflect the smelting terms alone. When no separate payable is agreed, the value of ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2654008105?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2026-07-28 12:00","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2654008105","market":"fut","top_or_hot":-1,"title":"By-product payables gain increasing importance in zinc and lead concentrate TCs","media":"Fastmarkets","content":"<div>\n<p>How by-product payables affect concentrate pricing\nWhere a by-product payable is negotiated separately, headline TCs reflect the smelting terms alone. When no separate payable is agreed, the value of ...</p>\n\n<a href=\"https://www.fastmarkets.com/insights/by-product-payables-gain-increasing-importance-in-zinc-and-lead-concentrate-tcs/\">Source Link</a>\n\n</div>\n","source":"fastmarkets_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>By-product payables gain increasing importance in zinc and lead concentrate TCs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBy-product payables gain increasing importance in zinc and lead concentrate TCs\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-28 12:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fastmarkets.com/insights/by-product-payables-gain-increasing-importance-in-zinc-and-lead-concentrate-tcs/><strong>Fastmarkets</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>How by-product payables affect concentrate pricing\nWhere a by-product payable is negotiated separately, headline TCs reflect the smelting terms alone. When no separate payable is agreed, the value of ...</p>\n\n<a href=\"https://www.fastmarkets.com/insights/by-product-payables-gain-increasing-importance-in-zinc-and-lead-concentrate-tcs/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SLVR","symbol_name":"Sprott Silver Miners & Physical Silver ETF","start_time":0,"source_url":"https://www.fastmarkets.com/insights/by-product-payables-gain-increasing-importance-in-zinc-and-lead-concentrate-tcs/","article_id":"2654008105","we_media_id":null,"thumbnails":[],"rights":{"source":"fastmarkets_highlight","url":"https://www.fastmarkets.com/insights/by-product-payables-gain-increasing-importance-in-zinc-and-lead-concentrate-tcs/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2654008105","pubTimestamp":1785211200,"columns":[],"sourceInfo":{"source_id":"fastmarkets_highlight","name":"Fastmarkets"},"weMediaInfo":null,"summary":"Payable credits in zinc and lead concentrates have become increasingly important in negotiations among miners, traders and smelters since the second half of 2025, with rising by-product metal prices and a tightening concentrate market amplifying their significance in the first half of 2026, Fastmarkets understands.","collect":0,"end_time":0,"defaultTopTitle":"fastmarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SLVR":"Sprott Silver Miners & Physical Silver ETF","CPXR":"USCF DAILY TARGET 2X COPPER INDEX ETF","GBUG":"Sprott Active Gold & Silver Miners ETF","BK4009":"广告","UYM":"基础材料指数ETF-ProShares两倍做多","KSLV":"Kurv Silver Enhanced Income ETF","XME":"金属与采矿指数ETF-SPDR","ICOP":"iShares Copper and Metals Mining ETF","CPER":"美国铜指数基金","SIVR":"Abrdn Silver ETF Trust","AGQ":"2倍做多白银ETF-ProShares","COPJ":"SPROTT JUNIOR COPPER MINERS ETF","COPP":"Sprott Copper Miners ETF","CEF":"Sprott Physical Gold & Silver Trust","SIL":"Silver Miners Etf","GLTR":"abrdn Physical Precious Metals Basket Shares ETF","BK4535":"淡马锡持仓","TC":"Token Cat Ltd","BEGS":"RAREVIEW 2X BULL CRYPTOCURRENCY & PRECIOUS METALS ETF","SILJ":"Amplify Junior Silver Miners ETF","PSLV":"Sprott Physical Silver Trust","SLV":"白银ETF-iShares","PICK":"iShares MSCI Global Metals & Mining Producers ETF","GOAU":"U.S. Global GO GOLD and Precious Metal Miners ETF","SLVP":"iShares MSCI Global Silver and Metals Miners ETF","ZSL":"Proshares二倍做空白银ETF"},"translate_title":"副产品应付款在锌和铅精矿 TCs 中变得越来越重要","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MHGmain":0.81,"GOAU":0.9,"KSLV":0.6,"COPP":0.81,"SLVP":0.6,"SLVR":0.6,"CPER":0.81,"CPXR":0.81,"SLV":0.6,"SIL":0.6,"GBUG":0.9,"PICK":0.9,"XME":1.5,"COPJ":0.81,"ICOP":0.81,"QCmain":0.81,"PSLV":0.6,"GLTR":0.9,"ZSL":0.6,"AGQ":0.68,"CEF":0.9,"TC":0.9,"SILJ":0.6,"UYM":0.9,"SIVR":0.6,"BEGS":0.9},"content_text":"How by-product payables affect concentrate pricing\nWhere a by-product payable is negotiated separately, headline TCs reflect the smelting terms alone. When no separate payable is agreed, the value of the by-product is typically incorporated into a more negative TC, meaning parcels rich in by-product metals can achieve more aggressive headline TC levels than cleaner material of comparable quality, according to sources.\nSome of the deeply negative treatment charges recorded in recent zinc and lead concentrate transactions reflect the value of by-products, chiefly copper, silver, gold and other minor metals, rather than competition among buyers alone, sources told Fastmarkets.\nZinc concentrates frequently contain small amounts of copper, for example, and buyers receive credits for that copper content. When those credits are incorporated into the TC rather than negotiated separately, the resulting headline TC can appear exceptionally low.\nIn some cases, a separate payable is negotiated between the buyer and seller instead of absorbing the metal’s value into the fixed TC.\nWhile separate payables are widely accepted in traders’ sales to Chinese zinc smelters, their use in international miners’ tenders remains less consistent, sources said.\nFor some miners, however, fixed TCs are preferable because it can be difficult to accurately determine by-product grades before ore is mined and processed. Fixed TCs therefore provide greater pricing certainty and reduce exposure to variations in copper content, sources said.\nIn such cases, the risk associated with fluctuations in copper content is effectively transferred to traders. If actual grades prove lower than expected, traders may incur losses relative to their assumptions. Conversely, higher-than-expected by-product content can generate additional profit, Fastmarkets understands from sources.\n“They [miners] would rather have a better TC and let the trader take the risk,“ a Europe-based trader said.\n“Some miners have requested a payable, but some companies don’t ask for it,“ the trader added. “If you don’t pay for it separately, then you need to account for it in the TC.“\nBy-product payables gain importance amid concentrate shortages\nSupply shortages in the global zinc and lead concentrate markets have amplified the importance of by-product payables, particularly after strong gains in copper, gold and silver prices during the first half of 2026, Fastmarkets understands.\n“Sell-side participants want to negotiate higher payable credits because gold and silver prices have risen a lot compared with a year ago,“ a Chinese trader said.\nIn addition, some minor metal contents that were previously regarded as “free metal“ in zinc concentrates are now increasingly being considered during TC negotiations, Fastmarkets learned.\nHowever, there is currently no industry-wide standard for valuing by-product credits, because recovery rates for different by-product metals vary considerably among smelters, sources said.\n“With TCs falling to historically low levels amid concentrate shortages, materials rich in by-product metals have become much more sought-after, and there is increasingly intense negotiation over payable terms,“ a second Chinese trader said.\nFastmarkets’ twice-monthly assessment for zinc concentrate spot TC, cif Shanghai, was unchanged at $(120)-(70) per tonne on July 10. The assessment has fallen by more than 250% from $40-60 per tonne on January 9.\nPayables carry greater weight in lead concentrate pricing \nThe impact of by-product payables is often more pronounced in lead concentrates, where a single parcel may contain multiple payable metals, including silver, copper, zinc, bismuth and other minor elements.\nAs a result, the overall value of a cargo can vary significantly depending on its by-product composition, making headline TCs less directly comparable across different qualities of material, market participants told Fastmarkets.\n“Lead concentrates have even more payable components, including copper, zinc, bismuth and others, which can really distort the headline TC,“ a second European trader said, adding that it was increasingly difficult to compare transactions on a like-for-like basis when different by-product values were embedded in pricing.\nA trader in North America agreed, saying the “all-in“ value of lead concentrates could differ substantially between parcels because of the varying payable metals involved.\nGiven these complexities, many market participants prefer to negotiate by-product values separately rather than incorporate them into the headline TC.\n“When settling with smelters, we prefer to negotiate the value of by-products through separate payable terms rather than reflect it in the TC, because incorporating all of that value into the TC becomes too complicated,“ a third China-based zinc trader said.\nFastmarkets’ monthly price assessment for lead spot concentrate TC, low silver, cif China, was $(160)-(200) per tonne on June 26, stable from the previous month. \nFastmarkets’ monthly price assessment for lead spot concentrate TC, high silver, cif China was $(200)-(280) per tonne on June 26, also stable from the previous month.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2654008105","isCrawlerRequest":true}