Lead Market Report December 2013

Catalog
Introduction 4
1. Financial News Overview 4
1.1 International financial news overview 4
1.1.1 Crude oil future prices up on political chaos in South Sudan 4
1.1.2 US dollar index fluctuates narrowly 5
1.2 Chinese Financial News Overview 6
1.2.Asian Metal Copyright2.Asian Metal Copyright1 CPI up by 3.Asian Metal Copyright4% YOY in China in November 6 1.Asian Metal Copyright0% while PPI down by 1.4% YOY in China in November 6
1.2.Asian Metal Copyright4 Changba Lead Zinc Mine to double its mining and processing annual capacity to 3 million tons 31 6.Asian Metal Copyright2 PMI down by 0.4% MOM in China in December 7
2. International Market Review 8
2.1 Lead futures bounce up strongly on the LME in December 8
3. Chinese market review 10
3.1 Some lead mines halt production in December and lead concentrate supply remains tight 10
3.2 Lead ingot prices recover in Chinese market 11
3.3 Secondary lead price rebounds 12
3.4 Recycled lead battery market stable 15
3.5 Lead acid battery market becomes active 17
4．Production Data 19
4.1 Global market for refined lead metal in deficit by 54kt in Jan-Oct 2013 19
4.2 Lead production in China 19
4.2.Asian Metal Copyright2 China refined lead ingot production down by 8.Asian Metal Copyright1 China lead concentrate production up by 33.5% YOY in November 2013 19
4.2.Asian Metal Copyright2.Asian Metal Copyright2 China refined lead ingot production down by 8.67% MOM in November 20
4.2.3 Secondary lead output of largest smelters decreases in December 21
4.2.Asian Metal Copyright 21 Graph 18: The output of large secondary lead smelters by region in December 22 Graph 19: Secondary lead output of Chinese large smelters in the first twelve months in 2013 22 Graph 20: Chinese Primary lead smelters’ lead ingot production and operation rates Jan-Dec 2013 24 Graph 21: China refined lead export Jan-Nov 2013 28 Graph 22: China Lead concentrate import 2012-2013 29 Table 1: World Refined Lead Supply and Usage 2008-2013 19 Table 2: Lead smelters operation rates in Henan, Hunan and Yunnan in December 2013 24 Table 3: Lead ingot stocks in Henan, Hunan and Yunnan provinces in late December 2013 25 Table 4: China’s lead import and export data in November 2013 27 Table 5: Top ten Chinese lead oreconcentrate importers in November 2013 30 .Asian Metal Copyright4 Chinese primary lead smelters’ operation rate rises for fifth consecutive month, up to 61.38% in December 2013 23
4.3 Lead ingot stocks in Chinese primary lead smelters down by 14.15%MOM in December 2013 25
5. Import and export data in China 25
5.1 Lead import and export data in China by country: 25
5.2 Analysis on lead import & export data 27
5.2.Asian Metal Copyright2 China refined lead ingot production down by 8.Asian Metal Copyright1 China lead ingot export down by 18.78% MOM in November 2013 27
5.2.2 China lead ore/concentrate import down greatly by 49.09% MOM in November 28
5.3 Top ten Chinese lead ore/concentrate importers in November 2013 29
6．Company News 30
6.1 Changming Lead 80,000tpy lead smelting project starts trial production 30
6.2 Xingan Silver & Lead to expand lead smelting capacity to 100,000tpy in 2014 30
6.3 Haicheng Chengxin to restart its lead smelter in late December 30
6.4 Changba Lead Zinc Mine to double its mining and processing annual capacity to 3 million tons 31
6.5 Geermu Yuyuan lead smelter halts production 31
7．Related Industry Development 31
7.1 China automobile sales volume increase by 14.1%YOY in November 2013 31
8．Market Outlook 31


Graph 1: Futures prices of crude oil in US 5
Graph 2: USD index chart 6
Graph 3: Chinese CPI and PPI trend 2011-2013 7
Graph 4: China’s PMI index in 2011-2013 8
Graph 5: The price graph of lead futures on the LME in November 2013 9
Graph 6: Lead ingot inventory in the warehouses of LME in December 2013 9
Graph 7: Lead concentrate 60%min prices in the Chinese spot market in December 2013 11
Graph 8: Lead ingot 99.994%min prices in the Chinese spot market in November 2013 12
Graph 9: Secondary Lead 98%min EX-VAT prices in the Chinese spot market in December 2013 13
Graph 10: Secondary Lead 98%min prices in the Chinese spot market in December 2013 14
Graph 11: Secondary Lead 99.97%min EX-VAT prices in the Chinese spot market in December 2013 14
Graph 12: Secondary Lead 99.97%min prices in the Chinese spot market in December 2013 15
Graph 13: Recycled start-type lead battery EX-VAT prices in the Chinese spot market in December 2013 16
Graph 14: Recycled deep cycle lead battery EX-VAT prices in the Chinese spot market in December 2013 16
Graph 15: The processing charges of deep cycle lead battery polar plate in December 2013 18
Graph 16: The processing charges of start-type lead battery polar plate in December 2013 18
Graph 17: Monthly lead ingot production in China from January to November 2013. 21
Graph 18: The output of large secondary lead smelters by region in December 22
Graph 19: Secondary lead output of Chinese large smelters in the first twelve months in 2013 22
Graph 20: Chinese Primary lead smelters’ lead ingot production and operation rates Jan-Dec 2013 24
Graph 21: China refined lead export Jan-Nov 2013 28
Graph 22: China Lead concentrate import 2012-2013 29


Table 1: World Refined Lead Supply and Usage 2008-2013 19
Table 2: Lead smelters operation rates in Henan, Hunan and Yunnan in December 2013 24
Table 3: Lead ingot stocks in Henan, Hunan and Yunnan provinces in late December 2013 25
Table 4: China’s lead import and export data in November 2013 27
Table 5: Top ten Chinese lead ore/concentrate importers in November 2013 30

.Asian Metal Copyright1 China lead ingot export down by 18Asian Metal Copyright