Lead Market Report December 2016

Introduction 3
1 International market review 3
1.1 LME lead futures decrease in December 3
2．Chinese market review 3
2.1 Chinese lead concentrate prices edge down 3
2.2 Chinese lead ingot prices move up continuously 4
2.3 Chinese secondary lead demand slack 5
3 Production data 5
3.1 World supply of refined lead metal exceeds demand by 16kt in October 5
3.2 Lead production in China 6
3.2.Asian Metal CopyrightIntroduction 3 1 International market review 3 1.Asian Metal Copyright1 Chinese primary lead smelters’ operating rates up to 54.96% MOM in December 6
3.2.Asian Metal Copyright97%min on the Chinese spot market in Oct-Dec 2016 5 Graph 7 China’s major primary lead smelters’ operating rates in Jan 2015-December 2016 6 Graph 8 The average operating rate in lead smelters in Yunnan, Hunan and Inner Mongolia from January 2015 to December 2016 7 Graph 9 Chinese primary lead smelters’ stock at month end from January 2015 to Dec 2016 7 Graph 11 Chinese lead oreconcentrate imports from January 2015 to November 2016 10 Graph 12 China’s imports of lead concentrate from Australia, Peru, Russia and the US from January 2015 to November 11 Table 1 World Lead supply and consumption in 2016 6 Table 2 China’s lead import and export data in November 2016 unit: tonne 8 Table 3 Top 10 Chinese importers of lead concentrate and ore and their importing volumes in November 2016 11 .Asian Metal Copyright2 Lead ingot stocks at Chinese primary lead smelters down by 24.4% MOM in late December 2016 7
4. Import & Export data in China 8
4.1 Lead import and export data in China by country 8
4.2 Analysis of lead import & export data 10
4.2.1 China’s lead ore/concentrate imports up by 45.543% MOM in November 2016 10
4.3 Top 10 Chinese importers for lead concentrate in November 11
5 Company News 12
5.1 Yinman Mining’s dressing mill to come on stream next January 12
5.2 Yindu Mining halts lead concentrate on December 12 12
5.3 Huangshaping Lead and Zinc to conduct maintenance this month 12
5.4 Zhuzhou Smelter resumes lead ingot production 12
5.5 Wanyang Smelting produces around 10,000t of secondary lead in 2016 13
5.6 Chihong Zinc & Germanium’s 160,000tpy secondary lead project to complete next August 13
6 Related industry developments 13
6.1 China’s automobile sales volume increases by 16.55% YOY in November 13
7 Market Outlook 13




Graph 1 The price graph of lead futures on the LME in Oct-Dec 2016 3
Graph 2 Lead ingot inventories in LME warehouses in Oct-Dec 2016 3
Graph 3 Lead concentrate 60%min prices on the Chinese spot market in Oct-Dec 2016 4
Graph 4 Lead ingot 99.994%min prices on the Chinese spot market in Oct-Dec 2016 5
Graph 5 Prices for secondary Lead 98%min VAT excluding on Chinese market in Oct-Dec 2016 5
Graph 6 Prices for secondary Lead 99.97%min on the Chinese spot market in Oct-Dec 2016 5
Graph 7 China’s major primary lead smelters’ operating rates in Jan 2015-December 2016 6
Graph 8 The average operating rate in lead smelters in Yunnan, Hunan and Inner Mongolia from January 2015 to December 2016 7
Graph 9 Chinese primary lead smelters’ stock at month end from January 2015 to Dec 2016 7
Graph 11 Chinese lead ore/concentrate imports from January 2015 to November 2016 10
Graph 12 China’s imports of lead concentrate from Australia, Peru, Russia and the US from January 2015 to November 11

Table 1 World Lead supply and consumption in 2016 6
Table 2 China’s lead import and export data in November 2016 (unit: tonne) 8
Table 3 Top 10 Chinese importers of lead concentrate and ore and their importing volumes in November 2016 11


.Asian Metal Copyright55% YOY in November 13 7 Market Outlook 13 Graph 1 The price graph of lead futures on the LME in Oct-Dec 2016 3 Graph 2 Lead ingot inventories in LME warehouses in Oct-Dec 2016 3 Graph 3 Lead concentrate 60%min prices on the Chinese spot market in Oct-Dec 2016 4 Graph 4 Lead ingot 99Asian Metal Copyright