Lead Market Report April 2014

Introduction 3
1.Financial News Overview 3
1.1 International financial news overview 3
1.1.1 Future prices of crude oil struggle marginally 3
1.1.2 Index of USD down unexpectedly 4
1.2 Chinese Financial News Overview 5
1.2.Asian Metal Copyright5 Secondary lead inventories from primary smelters down by 23% MOM by the end of April 20 5.Asian Metal Copyright1 CPI up by 2.Asian Metal Copyright994%min prices on the Chinese spot market in April 2014 9 Graph 9: Secondary Lead 98%min EX-VAT prices on Chinese market in April 2014 10 Graph 10: Secondary Lead 98%min prices on the Chinese spot market in April 2014 10 Graph 11: Secondary Lead 99.Asian Metal Copyright4% YOY and PPI down by 2.3% YOY in March 5
1.2.2 PMI up slightly in April 5
2. International Market Review 6
2.1 Lead futures strike strongly on the LME in April 6
3. Chinese market review 7
3.1 Chinese lead concentrate prices creep up in April 7
3.2 Chinese lead ingot supply declines, prices recover in April 8
3.3 Secondary lead prices rebound 9
3.4 Recycled lead battery prices go up 11
3.5 Lead acid battery market stable 13
4．Production Data 15
4.1 Global market for refined lead in deficit by 15kt during Jan-Feb 2014 15
4.2 Lead production in China 15
4.2.Asian Metal Copyright2 Analysis on lead import export data 21 5.Asian Metal Copyright1 Chinese primary lead smelters’ operation rate drops to 55.79% in April 15
4.2.Asian Metal Copyright1 Chinese lead concentrate prices creep up in April 7 3.Asian Metal Copyright2 Secondary lead output of primary smelters up by 5.4% MOM in April 17
4.2.Asian Metal Copyright2.Asian Metal Copyright3 Lead ingot stocks in Chinese primary lead smelters up by 9.0% MOM in late April 2014 18
4.2.Asian Metal Copyright International Market Review 6 2.Asian Metal Copyright4 Recycled lead battery inventories held by primary secondary lead smelters up by 7.4% MOM by the end of April 19
4.2.5 Secondary lead inventories from primary smelters down by 23% MOM by the end of April 20
5. Import and export data in China 20
5.1 Lead import and export data in China by country: 20
5.2 Analysis on lead import & export data 21
5.2.1 China’s lead ore/concentrate imports up by 78.86% MOM in March 2014 21
5.2.Asian Metal Copyright3% YOY in March 5 1.Asian Metal Copyright2 China’s refined lead exports up by 16.48% YOY in March 2014 24
5.3 Top ten Chinese lead ore/concentrate importers in March 2014 25
5.4 China’s lead acid battery exports up by 75% MOM in March 25
6．Company News 27
6.1 Xiangyun Feilong’s 50,000tpy lead smelting project to start operation in November 2014 27
6.2 Chinghong’s lead and zinc smelters resume production in mid-April 27
6.3 Shanjin Silver & Lead’s lead smelting project to start operation in July 27
6.4 Shengfu Smelting mulls to launch a 50,000tpy lead smelting project 27
7．Related industry Developments 28
7.1 China automobile sales volume and production hit record high in March 28
8．Market Outlook 28

Graph 1: Futures prices of crude oil in US 4
Graph 2: USD index chart 5
Graph 3: Chinese CPI and PPI trend 2012-2014 5
Graph 4: China’s PMI index in 2012-2014 6
Graph 5: The price graph of lead futures on the LME in April 2014 7
Graph 6: Lead ingot inventories in warehouses of LME in April 2014 7
Graph 7: Lead concentrate 60%min prices on the Chinese spot market in April 2014 8
Graph 8: Lead ingot 99.994%min prices on the Chinese spot market in April 2014 9
Graph 9: Secondary Lead 98%min EX-VAT prices on Chinese market in April 2014 10
Graph 10: Secondary Lead 98%min prices on the Chinese spot market in April 2014 10
Graph 11: Secondary Lead 99.97%min EX-VAT prices on the Chinese spot market in April 2014 11
Graph 12: Secondary Lead 99.97%min prices on the Chinese spot market in April 2014 11
Graph 13: Recycled start-type lead battery EX-VAT prices on the Chinese spot market in April 2014 12
Graph 14: Recycled deep cycle lead battery EX-VAT prices on the Chinese spot market in April 2014 13
Graph 15: Processing charges for deep cycle lead battery polar plate in April 2014 14
Graph 16: Processing charges of start-type lead battery polar plate in April 2014 14
Graph 17: Chinese Primary lead smelters’ lead ingot production and operation rates Apr 2013-Apr 2014 16
Graph 18: Output of large secondary lead smelters by region in April 2014 17
Graph 19: Secondary lead output of Chinese large smelters in 2013-2014 18
Graph 20: Recycled lead battery stocks of largest secondary lead smelters 19
Graph 21: Secondary lead inventory of largest smelters by the end of April 20
Graph 22: China’s lead concentrate imports Jan 2013-Mar 2014 22
Graph 23: Lead ore/concentrate imported from Australia to China Jan-Mar 2014 23
Graph 24: Lead ore/concentrate imported from Peru to China Jan-Mar 2014 23
Graph 25: China refined lead export 2013-2014 24
Graph 26: China’s lead acid battery exports in 2013-2014 26

Table 1: World Refined Lead Supply and Usage 2009-2014 15
Table 2: Operation rates for lead smelters in Henan, Hunan and Yunnan in April 2014 16
Table 3: Lead ingot stocks in Henan, Hunan and Yunnan provinces in late April 2014 18
Table 4: China’s lead import and export data in March 2014 21
Table 5: Top ten Chinese lead ore/concentrate importers in March 2014 25
Table 6: The top 20 importing countries for Chinese lead acid batteries in March 27