In mid-to-late December, the trading activity in the ore market was generally sluggish, and the supply of imported ore remained tight.
At month-end, although smelters showed a clear intention to raise the TC quotes for imported zinc concentrates, lead smelters had no intention to adjust the pb60TC quotes for imported lead concentrates or the pb50TC quotes for domestic lead concentrates. Apart from the demand for lead concentrates, some smelters procured lead-containing materials as substitutes and for comprehensive recycling purposes, allowing raw material inventory to moderately sustain 30-60 days. This week, crude lead production in the domestic Hunan market was still affected by environmental protection-driven production restrictions, which had not yet ended. After the temporary shutdown of smelters, the demand for lead concentrate procurement also declined accordingly.
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