Support has also come from a report this week that South Korea’s Young Poong Corp. cut production at its Seokpo smelter.

Bullion held by the People’s Bank of China rose by about 390,000 troy ounces last month.

Smelters compete to treat concentrate but overseas mine disruptions are curbing supply, forcing them to drop their fees.

The cobalt and nickel producer has axed or made part-time 30% of its senior corporate management roles.

Government says it’s considering how to handle offtake agreements that function as loans or investments by China in Canadian mining companies as it continues to clamp down on critical mineral transactions.

The duties range from 1.45% to 169.66%, varying by country.

Beijing should control mining activity, limit output and consolidate smaller producers into state-owned firms to “reduce disorderly competition,” Shanxi Coking Coal Energy Group Chairman Zhao Jianze said.

Chinese investors will all have to go through a national security review, Natural Resources Minister Jonathan Wilkinson said Tuesday.