Lead Market Report November 2014

Introduction 4
1 Financial news 4
1.1 Financial news in China 4
1.1.Asian Metal Copyright2 International financial overview 5 1.Asian Metal Copyright1 CPI up by 1.Asian Metal Copyright1 CPI up by 1.Asian Metal Copyright6% and PPI down by 2.2% in October YOY 4
1.1.Asian Metal Copyright97%min EX-VAT prices on the Chinese spot market in November 2014 13 Graph 12 Secondary Lead 99.Asian Metal Copyright2 PMI down by 0.5% in November 4
1.2 International financial overview 5
1.2.Asian Metal Copyright4 Recycled lead battery demand declines sharply in November 13 3.Asian Metal Copyright1 Crude oil futures prices tumbled by 18.6% 5
1.2.2 US dollar index slightly climbs in November 6
2. International Market Review 7
2.1 Lead futures recover slightly on LME during November 7
2.2 North American lead market flat in November 8
2.3 North American spent lead acid battery market slow in November 8
3. Chinese market review 8
3.1 Chinese lead concentrate stable during November 8
3.2 Chinese lead ingot market sluggish 10
3.3 Secondary lead prices continue to decline in November 11
3.4 Recycled lead battery demand declines sharply in November 13
3.5 Lead acid battery market stable in November 15
4. Production Data 16
4.1 World supply of refined lead metal exceeds demand by 12kt during Jan-Sep 2014 16
4.2 Lead production in China 17
4.2.Asian Metal Copyright3 Secondary lead prices continue to decline in November 11 3.Asian Metal Copyright1 China’s lead concentrate output down by 9.27% MOM in October 2014 17
4.2.Asian Metal Copyright1 Lead import and export data in China by country: 22 5.Asian Metal Copyright2 China’s refined lead ingot production down by 15.13% YOY in October 2014 17
4.2.Asian Metal Copyright International Market Review 7 2.Asian Metal Copyright3 Chinese primary lead smelters’ lead ingot output up by 8.22% MOM in November 18
4.2.Asian Metal Copyright3 Chinese primary lead smelters’ lead ingot output up by 8.Asian Metal Copyright4 Secondary lead output of major smelters down by 4.6% MOM in November 19
4.2.Asian Metal Copyright Production Data 16 4.Asian Metal Copyright5 Lead ingot stocks at Chinese primary lead smelters down by 1.81% MOM late November 2014 20
4.2.6 Recycled lead battery inventories held by major secondary lead smelters down by 41% MOM by the end of November 21
4.2.7 Major smelters’ secondary lead stocks down by 15% MOM in late November 22
5. Import and export data in China 22
5.1 Lead import and export data in China by country: 22
5.2 Analysis of lead import & export data 24
5.2.1 China’s lead ore/concentrate imports down by 14.09% YOY in October 2014 24
5.2.Asian Metal Copyright2 China’s refined lead exports down by 50.Asian Metal Copyright2 China’s refined lead exports down by 50.49% MOM in October 2014 26
5.3 Top ten Chinese lead ore/concentrate importers in October 2014 26
5.4 Chinese lead acid battery exports up by 6.8% MOM in October 27
6. Company News 28
6.1 Baoxi Industry & Trading’s 40,000tpy crude lead smelter to start trial production in December 28
6.2 Qianxin Mining’s lead-zinc mine to halt production in late November 29
6.3 Caijiaying Lead-Zinc Mine’s expansion project to start operation in December 2014 29
6.5 Zhenxing Lead’s 100,000tpy lead smelter to start operation in early 2015 29
6.6 Shanjin Silver & Lead starts producing refined lead in early November 30
7. Related industry Developments 30
7.1 China’s automobile sales volumes up by 2.82 YOY in October 30
8． Market Outlook 30

Graph 1 Price trend of China’s CPI and PPI 2014 4
Graph 2 PMI for China’s manufacturing industry 2014 5
Graph 3 US crude oil futures price trend on major transaction market in November 6
Graph 4 US dollar index trend 6
Graph 5: The price graph of lead futures on the LME in November 2014 7
Graph 6: Lead ingot inventories in LME warehouses in November 2014 8
Graph 7: Lead concentrate 60%min prices on the Chinese spot market in November 2014 9
Graph 8: Lead ingot 99.994%min prices on the Chinese spot market in November 2014 11
Graph 9 Secondary Lead 98%min EX-VAT prices on Chinese market in November 2014 11
Graph 10 Secondary Lead 98%min prices on the Chinese spot market in November 2014 12
Graph 11 Secondary Lead 99.97%min EX-VAT prices on the Chinese spot market in November 2014 13
Graph 12 Secondary Lead 99.97%min prices on the Chinese spot market in November 2014 13
Graph 13 Recycled start-type lead battery EX-VAT prices on the Chinese spot market in November 2014 14
Graph 14 Recycled deep cycle lead battery EX-VAT prices on the Chinese spot market in November 2014 14
Graph 15 Processing charges for deep cycle lead battery polar plate in November 2014 15
Graph 16 Processing charges of start-type lead battery polar plate in November 2014 16
Graph 17: Chinese Primary lead smelters’ lead ingot production and operating rates Nov 2013-Nov 2014 18
Graph 18 Major secondary lead smelters' output by region 20
Graph 19 Major secondary lead smelters' recycled lead battery inventories by region 21
Graph 20 Secondary lead stocks allocation of Chinese major smelters 22
Graph 21: China’s lead concentrate imports Jan 2013-Oct 2014 24
Graph 22: Lead ore/concentrate imported from Australia into China Jan-Oct 2014 25
Graph 23: Lead ore/concentrate imported from Peru into China Jan-Oct 2014 25
Graph 24: China refined lead exports 2013-2014 26
Graph 25 China’s lead acid battery export in 2014 27

Table 1: World Refined Lead Supply and Usage 2009 – 2014 17
Table 2: Operating rates for lead smelters in Henan, Hunan and Yunnan in November 2014 19
Table 3: Lead ingot stocks in Henan, Hunan and Yunnan provinces in late November 2014 20
Table 4: China’s lead import and export data in October 2014 23
Table 5 Top ten Chinese lead ore/concentrate importers in October 2014 27
Table 6 Top 20 Chinese lead-acid battery export destinations in September 28

.Asian Metal Copyright6 Recycled lead battery inventories held by major secondary lead smelters down by 41% MOM by the end of November 21 4Asian Metal Copyright