Lead Market Report November 2015

Introduction 4
1. International Market Review 4
1.1 LME lead futures fluctuate at low levels during November 4
2. Chinese market review 4
2.1 Lead concentrate supply remains sufficient on the Chinese market, though some lead-zinc mines halted production 4
2.2 Chinese lead ingot prices fluctuate significantly during November 5
2.3 Chinese secondary lead market sluggish during November 6
3. Production Data 7
3.1 World supply of refined lead metal exceeds demand by 13kt during Jan-Sep 2015 7
3.2 Lead production in China 8
3.2.Asian Metal Copyright87% MOM in October 2015 8 3.Asian Metal Copyright1 China’s refined lead output up by 2.87% MOM in October 2015 8
3.2.Asian Metal Copyright2.Asian Metal Copyright2 China’s lead concentrate output down by 22.54% MOM in October 2015 8
3.2.Asian Metal Copyright4 Vedanta’s lead output up by 41% YOY during H1 FY2016 18 5.Asian Metal Copyright3 Chinese primary lead smelters’ operating rates up by 4.05% MOM in November 9
3.2.4 China’s major smelters’ secondary lead output down by 36% YOY in November 11
3.2.Asian Metal Copyright97%min prices on the Chinese spot market in October-November 2015 7 Graph 7 China’s refined lead ingot output Jan 2014-Oct 2015 8 Graph 8 China’s lead concentrate output Jan 2014-Oct 2015 9 Graph 9 China’s major primary lead smelters’ average operation rate Jan 2014-Nov 2015 10 Graph 10 Average operation rates in lead smelters in Henan, Hunan and Yunnan Jan 2014-Nov 2015 10 Graph 11 China's secondary lead output Jan 2014-Nov 2015 11 Graph 12 Lead ingot inventories held by the Chinese primary lead smelters Jan 2014-Nov 2015 12 Graph 13 Secondary lead inventories held by major lead smelters Jan 2014-Nov 2015 13 Graph 14 China’s monthly lead oreconcentrate imports from January 2014 to October 2015 14 Graph 15 Lead oreconcentrate imported from Australia, Peru, Russia and the United States by China from October 2014 to October 2015 15 Graph 16 China’s refined lead exports during January 2014 and October 2015 16 Graph 17 China's lead acid battery export volume Jan 2014-Oct 2015 17 Graph 18 China's start-type lead acid battery export volume Jan 2014-Oct 2015 17 Table 1: World Refined Lead Supply and Usage in 2015 7 Table 2 Average operating rates for lead smelters in Henan, Hunan and Yunnan provinces.Asian Metal Copyright5 Lead ingot stocks at Chinese primary lead smelters down by 1.33% MOM late November 2015 12
3.2.Asian Metal Copyright1 China’s lead oreconcentrate imports up by 16.Asian Metal Copyright6 China’s major smelters’ secondary lead stocks increase by 5.77% MOM in November 13
4. Import and export data in China 13
4.1 Lead import and export data in China by country: 13
4.2 Analysis of lead import & export data 14
4.2.1 China’s lead ore/concentrate imports up by 16.2% YOY in October 2015 14
4.2.Asian Metal Copyright77% MOM in November 13 4.Asian Metal Copyright2 China’s refined lead exports down by 56.40% MOM in October 2015 15
4.3 Top ten Chinese lead ore/concentrate importers in October 2015 16
4.4 China’s lead acid battery exports up by 5.57% MOM in October 16
4.5 Top ten Chinese lead-acid battery export destinations in October 17
5. Company News 18
5.1 Glencore cut mined lead output in 2015 18
5.2 Chengyuan increases its lead ingot output in October 18
5.3 Shache Hengchang Smelting’s crude lead output to increase in November 18
5.4 Vedanta’s lead output up by 41% YOY during H1 FY2016 18
5.5 Zhuzhou Smelter’s lead output to reach 100,000t in 2015 19
5.6 Ruifeng delays production plan for its lead smelter late O1 2016 19
6. Related industry Developments 19
6.1 China’s automobile sales volume increased by 11.79% YOY in October 2015 19
7．Market Outlook 19

Graph 1: The price graph of lead futures on the LME in October-November 2015 4
Graph 2: Lead ingot inventories in LME warehouses in October-November 2015 4
Graph 3: Lead concentrate 60%min prices on the Chinese spot market in October-November 2015 5
Graph 4 Lead ingot 99.994%min prices on the Chinese spot market in October-November 2015 6
Graph 5 Secondary Lead 98%min EX-VAT prices on Chinese market in October-November 2015 7
Graph 6 Secondary Lead 99.97%min prices on the Chinese spot market in October-November 2015 7
Graph 7 China’s refined lead ingot output Jan 2014-Oct 2015 8
Graph 8 China’s lead concentrate output Jan 2014-Oct 2015 9
Graph 9 China’s major primary lead smelters’ average operation rate Jan 2014-Nov 2015 10
Graph 10 Average operation rates in lead smelters in Henan, Hunan and Yunnan Jan 2014-Nov 2015 10
Graph 11 China's secondary lead output Jan 2014-Nov 2015 11
Graph 12 Lead ingot inventories held by the Chinese primary lead smelters Jan 2014-Nov 2015 12
Graph 13 Secondary lead inventories held by major lead smelters Jan 2014-Nov 2015 13
Graph 14 China’s monthly lead ore/concentrate imports from January 2014 to October 2015 14
Graph 15 Lead ore/concentrate imported from Australia, Peru, Russia and the United States by China from October 2014 to October 2015 15
Graph 16 China’s refined lead exports during January 2014 and October 2015 16
Graph 17 China's lead acid battery export volume Jan 2014-Oct 2015 17
Graph 18 China's start-type lead acid battery export volume Jan 2014-Oct 2015 17

Table 1: World Refined Lead Supply and Usage in 2015 7
Table 2 Average operating rates for lead smelters in Henan, Hunan and Yunnan provinces. 10
Table 3 China’s lead import and export data in October 2015 14
Table 4 Top ten Chinese lead ore/concentrate importers in October 2015 16
Table 5 Top 10 Chinese lead-acid battery export destinations in October 2015 18

.Asian Metal Copyright5 Top ten Chinese lead-acid battery export destinations in October 17 5Asian Metal Copyright