Lead Market Report May 2012
2012-06-20 15:36:33 【Print】
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Introduction
Dampened by the concerns on the worsening European debt crisis and the slowdown of economic growth in China, the lead futures headed down greatly on the LME and SHFE in May. Meanwhile, the lead acid battery market appeared sluggish and some small-sized lead acid battery producers reduced production in May, leading to the dull demand for lead ingot. The primary lead ingot 99.994%min declined by RMB600/t and the secondary lead prices declined by about RMB350/t in May. Many lead smelters reduced the lead ingot sales volume in the spot market but insisted on selling the metal on the long-term contracts. The trading went slowly in the Chinese lead ingot market.
Catalog
Introduction 4
1．Financial overview 4
1.1 CPI declines to 3.4% in April in China 4
1.2 Chinese PMI falls back in May 5
1.3 Chinese banks reduce loan increment, economic growth slows down 6
2. International market review 6
2.1 Global crude oil price falls back largely in May 6
2.2 Gold price declines as banks financial situation deteriorate in Spain 7
2.3 US dollar index increases largely due to risk aversion 8
3. Chinese lead market review 9
3.1 Lead concentrate supply increases in China but prices decline in May 9
3.2 Lead ingot prices head down in Chinese market in May 11
3.3 Secondary lead smelters reduce production on weak demand 11
3.4 Recycled lead battery supply declines in May 14
3.5 The operation rate of small and medium lead acid battery factories is still low 16
4. Production Data 16
4.1 Lead Markets In Surplus Of 37000 Tons in Jan-Mar 2012: ILZSG 16
4.2 Lead production in China 17
4.2.1 China lead concentrate production increases by 33.87% YOY in Jan-Apr 2012 17
4.2.2 China lead ingot production up by 3.5% MOM in April 2012 18
4.3 Chinese major lead smelters’ May production rate touches the highest level in 2012 19
4.4 The operating rates of the biggest secondary lead smelters in China in May 20
5. Lead import and export data in China 21
5.1 Lead import and export data in China by country: 21
5.2 Analysis on lead import & export data 23
5.2.1 China’s refined lead import up by 41.3% MOM in April 2012 23
5.2.2 China’s lead concentrate import down by 8.91% MOM in April 2012 23
5.3 Top ten Chinese lead ore/concentrate importers April 2012 24
5.4 China lead ore/concentrate import data by company in April 2012 25
5.5 China lead acid battery increases but average export price reduces by 7% MOM in April 30
6. Company News 32
6.1 Griffin increases stake in Hua Ao Mining in China 32
6.2 Hecla Mining’s lead concentrate production declines in Q1 2012 32
6.3 Yubei Gold & Lead’s 130,000tpy lead smelter starts operation on May 31 32
7．Related Industry Development 33
7.1 China automobile production declines by 12.4% MOM in April 2012 33
8 . Market Outlook 33
Graph 1: China CPI and PPI in 2011 5
Graph 2: China CPI and PPI in 2011 6
Graph 3: The price of international crude oil in May 7
Graph 4: Gold prices in May 2012 8
Graph 5：US Dollar Index in May 2012 9
Graph 6: Lead ingot inventory on the LME in May 2012 9
Graph 7：Lead concentrate 60%min prices in the Chinese spot market in May 2012 10
Graph 8：Lead ingot 99.994%min prices in the Chinese spot market in May 2012 11
Graph 9: Secondary Lead ingot 98%min EX-VAT prices in the Chinese spot market in May 2012 13
Graph 10: Secondary lead ingot 98%min prices in the Chinese spot market in May 2012 13
Graph 11: Secondary lead ingot 99.97%min EX-VAT prices in the Chinese spot market in May 2012 14
Graph 12: Secondary Lead ingot 99.97%min EX-VAT prices in the Chinese spot market in May 2012 14
Graph 13: Recycled start-type battery EX-VAT prices in the Chinese spot market in May 2012 15
Graph 14: Recycled deep cycle battery EX-VAT prices in the Chinese spot market in May 2012 16
Graph 15: World Refined Lead Supply and Usage 2007 - 2012: 17
Graph 16 Operating rate for the biggest secondary lead plants in China in May 21
Graph 17: The following table is about the lead import and export data in April 2012 21
Graph 18: Top ten Chinese lead ore/concentrate importers April 2012 and the import quantities 24
Graph 19：China lead ore/concentrate import data by company in April 2012 25
Graph 20: Export of Chinese lead acid battery in 2011-2012 31
Graph 21: Average export price trend of Chinese lead-acid storage battery in 2011-2012 32
