The extreme quotation situation in the imported ore market has not eased. As silver prices hit new highs again, the strong upward trend of precious metals has kept the TCs for silver-bearing lead concentrates on a downward trend. In the domestic ore trade market, some domestic mines have completed Q4 production pre-sales and suspended quotations. The disparity in smelter TCs between north and south China remains significant. In Henan and Inner Mongolia, after the completion of winter stockpiling and forward order signings by smelters, the comprehensive delivered TCs can still maintain quotations of 300-500 yuan/mt in metal content. However, in southern regions such as Yunnan and Hunan, after raw material inventories at smelters declined, those choosing to maintain production plans still occasionally purchase low-silver lead concentrates at prices of 0-200 yuan/mt in metal content. Post-National Day holiday, the ore trade market has not yet become active. As temperatures drop, supply from some mines may gradually decline, while smelters, buoyed by precious metal prices, maintain high production enthusiasm. The medium and long-term supply-demand shortage of lead concentrates may be difficult to improve.
