The imported ore market continues to trend toward being nominal with limited actual transactions, and the availability of circulating supply remains relatively tight. In the domestic ore trading market, several domestic mines have completed advance sales of their Q4 production and concluded transactions. Smelters in regions such as Henan and Inner Mongolia have seen limited growth in raw material inventories, while winter stockpiling continues. The disparity in treatment charges (TCs) between the north and south remains significant. Post-National Day holiday, the ore trading market has yet to become active. As temperatures drop, production supply from some mines may gradually decline. However, smelters, buoyed by rising precious metal prices, maintain high production enthusiasm. Mines and smelters are adopting a cautious wait-and-see approach toward the recent sharp increase in silver prices, with some market traders concerned about significant volatility in silver prices. There are no signs of an increase in the payable indicator for silver contained in lead concentrates at the moment.
