【SMM Analysis】Silver Ore Imports Fell Over 20% MoM in March, Still Recorded YoY Growth in Q1

According to customs data, silver concentrate imports in March 2025 stood at 129,100 mt, down 20.5% MoM and 0.6% YoY. In Q1 2025, cumulative silver concentrate imports reached approximately 462,000 mt, up 10.18% YoY compared to Q1 2024.

From the perspective of import profit/loss, silver concentrate imports remained predominantly loss-making, with prices persistently inverted. Most silver concentrate imports were executed under long-term contracts. From the trade mode perspective, domestic silver concentrate imports via processing trade remained mainstream, accounting for over 60% in March 2025, slightly higher by 5.98 percentage points compared to the annual average in 2024.

Additionally, in terms of silver-bearing lead concentrates, although rising silver prices may increase the import costs of silver concentrates and silver-bearing lead ores (the price center of silver in Q1 2025 was significantly higher than the same period in 2024, with the average SMM1# silver price at smelters in Q1 2025 at 7,876 yuan/kg, compared to only 6,015 yuan/kg in Q1 2024, a YoY increase of over 30%), it could also stimulate importers to import high-silver-content silver concentrates to achieve higher profits. Despite varying degrees of increases in silver refining fees or pricing coefficients for different types of ores compared to the same period last year, lead smelters' demand for silver concentrates or silver-bearing lead ores continued to grow.

By country, Peru, Mexico, Bolivia, Mongolia, and Spain were the main importers of silver concentrates in March. Looking ahead to Q2, against the backdrop of global tariff disputes, China imposed counter-sanction tariffs on the US in early April 2025. However, with silver concentrate imports from the US accounting for only about 1.3% in 2024, the impact is relatively small. From the perspective of silver concentrate origins, imports are still expected to be dominated by Peru, Mexico, Bolivia, and other regions.

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