Lead Market Report February 2012

Catalog
Introduction 4
1．Financial overview 4
1.1 China CPI rises in January 4
1.2 Chinese PMI rises in February economy sees soft landing 5
1.3 Greek salvage agreement concluded European national debt auction successful 5
1.4 US economic data positive but not enough for recovery 6
2. International market review 6
2.1 The Middle East situation worsens crude oil price surges 6
2.2 European situation eases USDX weak 7
2.3 Weak US dollars supports high price of gold 7
3. Chinese lead market review 9
3.1 Chinese lead concentrate market warms up in February 9
3.2 Lead ingot prices consolidate in the Chinese market 10
3.4 Secondary lead in short supply in Chinese market 11
3.5 Recycled lead battery is in short supply 14
3.6 The draft of Market access for lead acid battery industry issued 15
4. Production Data 16
4.1 Lead Markets In Surplus Of 156000 Tons In 2011: ILZSG 16
4.2 Lead ingot production in China 17
4.3 Chinese major lead smelters’ production down by 4.89% MOM in February 18
4.5 Operating rate of Chinese secondary lead 98%min producers in February 19
5. Lead import and export data in China 19
5.1 Lead import and export data in China by country: 19
5.2 Analysis on lead import & export data 21
5.2.1 China lead ore/concentrate import down by 45.42% YOY in January 2012 21
5.3 Top ten Chinese lead ore/concentrate importers January 2012 21
5.4 China lead ore/concentrate import data by company in January 2012 22
5.5 Average export price increased by 17% for lead acid battery 26
6. Company News 27
6.1 Minshan Nonferrous resumes production 27
6.2 Yongning Gold & Lead resumes production 28
6.3 Jiangxi Copper’s lead smelter starts operation 28
7．Related Industry Development 28
7.1 China automobile production and sales decline in January 2012 28
8 . Market Outlook 28







Graph 1: China CPI and PPI in 2011-2012 5
Graph 2: Chinese PMI in 2011-2012 5
Graph 3: US crude oil futures price 7
Graph 4: USDX trend 7
Graph 5: Lead ingot inventory on the LME in February 2012 8
Graph 6：Lead concentrate 60%min prices in the Chinese spot market in February 2012 9
Graph 7：Lead ingot 99.994%min prices in the Chinese spot market in February 2012 11
Graph 8: Secondary Lead ingot 98%min EX-VAT prices in the Chinese spot market in February 2012 12
Graph 9: Secondary lead ingot 98%min prices in the Chinese spot market in February 2012 13
Graph 10: Secondary lead ingot 99.97%min EX-VAT prices in the Chinese spot market in February 2012 13
Graph 11: Secondary Lead ingot 99.97%min EX-VAT prices in the Chinese spot market in February 2012 14
Graph 12: Recycled start-type battery EX-VAT prices in the Chinese spot market in February 2012 15
Graph 13: Recycled deep cycle battery EX-VAT prices in the Chinese spot market in February 2012 15
Graph 14: World Refined Lead Supply and Usage 2006 - 2011: 17
Graph 15: World lead supply and usage Jan-Dec 2011 17
Graph 16: The following table is about the lead import and export data in January 2012 19
Graph 17: Top ten Chinese lead ore/concentrate importers January 2012 and the import quantities 22
Graph 18：China lead ore/concentrate import data by company in January 2012 22











.Asian Metal Copyright3 Top ten Chinese lead oreconcentrate importers January 2012 21 5Asian Metal Copyright