Investment in new projects by Chinese medium-to-large secondary lead smelters slows in 2014

Directory
1. Chinese secondary lead market overview for 2014 2
1.1 Output of Chinese medium-to-large secondary lead smelters rose sharply in 2014 2
2. Medium-to-large secondary lead construction or expansion projects lag behind schedule in 2014 3
3. Analysis of investment slowdown in China’s large and medium-sized secondary lead projects 4
3.1 Tighter bank lending leads to capital chain tensions for secondary lead enterprises 4
3.2 Declining lead price dents enterprises’ profitability 5
3.2.1 Smelters’ inventory losses increase due to fall in secondary lead price 5
3.2.2 Decline in secondary lead price more severe than that of raw material, secondary lead profit margin falls 5
3.2.3 Price decline for lead ingot greater than that of secondary lead, profit margin for secondary lead value-added products falls 8
3.3 Profitability of large and medium-sized secondary lead industry unlikely to improve in short term 8
3.4 Majority of small-sized secondary lead smelters severely suffer overall overcapacity 9
4. Outlook for secondary lead market in China 2015 9

Graph 1 Chinese medium-to-large secondary lead smelters' output from 2013 to 2014 2
Graph 2 Pre-tax price trend of secondary lead in China 2014 6
Graph 3 Pre-tax price trend of auto spent lead acid battery in China 2014 7
Graph 4 Pre-tax price trend of lead ingot in China 2014 7

Table 1 The construction progress of Chinese medium-to-large secondary lead projects 3
Table 2 The name list of the secondary lead enterprises who had put into production with chain scission of renewing loans 4
Table 3 Price comparisons of electrolytic lead, secondary lead and spent lead acid battery in 2014 6
Table 4 Name list of secondary lead enterprises to put into production in 2015 8