Lead Market Report November 2012

◆US secondary lead premiums come down.

◆Canadian spent lead acid battery prices move downward.

◆Mexican spent lead acid battery rates remain high.

◆Slight increase in spot activity for Bolivian lead concentrate

◆Primary lead smelting begins in Peru.

◆Secondary lead price drop fast in Chinese market

◆China’s lead ingot production in October touches record high.

◆Operation rate of Chinese major lead smelters in November almost unchanged.

◆Lead import and export data in China by country

Catalog
Introduction 4
1. Financial News Overview 4
1.1 International financial overview 4
1.1.1 International crude futures slowly increase in November 5
1.1.2 Greek debt crises easing, US dollar index falling after a surge 5
1.2 Chinese Financial News Overview 6
1.2.Asian Metal Copyright ◆US secondary lead premiums come down.Asian Metal Copyright1 CPI up by 1.Asian Metal Copyright10 Primary lead smelting begins in Peru 12 2.Asian Metal Copyright7% and PPI down by 2.8% YOY in November 6
1.2.2 PMI in October rebounds in China 7
2. International Lead Market Review 8
2.1 The lead futures strengthen on the LME in November 8
2.2 US spent lead acid battery supplies remain firm 9
2.3 US secondary lead premiums come down 10
2.4 Canadian spent lead acid battery prices move downward 10
2.5 Premiums for Canadian secondary lead experience decline 10
2.6 Mexican spent lead acid battery rates remain high 10
2.7 Premiums for Mexican secondary lead hold at current rates 11
2.8 Steady demand reported for Mexican lead concentrate 11
2.9 Slight increase in spot activity for Bolivian lead concentrate 11
2.10 Primary lead smelting begins in Peru 12
2.11 Peruvian lead acid battery market stagnant 12
2.12 Secondary lead premiums in Peru hold steady 13
3. Chinese lead market review 13
3.1 Chinese lead concentrate market dull in November 13
3.2 Lead ingot 99.994%min prices soften in Chinese spot market on sluggish demand 14
3.3 Secondary lead price drop fast in Chinese market 15
3.4 Recycled lead battery supply declines in Chinese market 17
3.5 The demand for lead acid battery keeps weak 19
4. Production Data 21
4.1 Lead Markets In Surplus Of 80KT in Jan-Sep 2012: ILZSG 21
4.2 Lead production in China 21
4.2.Asian Metal Copyright994%min prices soften in Chinese spot market on sluggish demand 14 3.Asian Metal Copyright1 China lead concentrate production up by 1.2% YOY in October 2012 22
4.2.2 China’s lead ingot production in October touches record high 22
4.3 Operation rate of Chinese major lead smelters in November almost unchanged 23
4.4 The operating rates of the biggest secondary lead smelters in China in November 25
5. Lead import and export data in China 26
5.1 Lead import and export data in China by country: 26
5.2 Analysis on lead import & export data 27
5.2.Asian Metal Copyright1 Lead import and export data in China by country: 26 5.Asian Metal Copyright1 China’s refined lead import down by 29.34 % MOM in October 2012 27
5.2.Asian Metal Copyright Market Outlook 33 .Asian Metal Copyright2 China’s lead concentrate import in October up by 4.68% MOM 28
5.3 Top ten Chinese lead ore/concentrate importers October 2012 30
5.5 Chinese export quantum of lead acid battery rebounded in October 30
6. Company News 32
6.1 Red Lead’s 100,000tpy lead smelting project to start formal production on Nov 9th 32
6.2 Shuangyuan Nonferrous Metal’s lead smelter to start trial operation next week 32
6.3 Yunnan Tin’s lead smelter halts production for maintenance 33
7．Related Industry Development 33
7.1 China automobile sales volume up by 8.2% YOY in November 2012 33
8. Market Outlook 33

.Asian Metal Copyright6 Mexican spent lead acid battery rates remain high 10 2Asian Metal Copyright