Spot terms for zinc concentrates remained at multi-year lows of $10-30 per tonne. Demand across the month slowed while Chinese smelters wound down production, however the market is expected to pick up in the coming weeks.
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Chinese smelter operation rates and mine output were higher than usual this year, encouraged by high metal prices.
“Usually Chinese smelters try to secure their winter feed in November-December but this year we were still in discussions for prompt deliveries until one week before IZA,” a concentrates trader said.
Zinc prices on the London Metal Exchange firmed further to an 11.5-year high over $3,500 per tonne; at these prices smelter margins for zinc processing are still growing via free-metal, encouraging demand from smelters, sources in China...