Zinc Market Report January 2015

Contents
Introduction 1
1 Financial news 1
1.1 Chinese domestic financial overview 1
1.1.Asian Metal Copyright4.Asian Metal Copyright1 December CPI up 1.Asian Metal Copyright6 Top ten Chinese zinc oreconcentrate importers in December 31 5.Asian Metal Copyright5% YOY PPI down 3.3% YOY in China 1
1.1.Asian Metal Copyright7%min from zinc ingots in January 2015 12 Picture 12 Prices for 325 mesh zinc powder 98%min in January 2015 14 Picture 13 China’s zinc concentrate production 2011-2014 16 Picture 14 China’s refined zinc production 2011-2014 17 Picture 15 China’s zinc smelters’ operating rate 2013-2015 18 Picture 16 China’s zinc smelters’ stocks from 2014 to 2015 19 Picture 17 China’s major die-casting zinc alloy producers’ operating rate from 2012 to 2015 20 Picture 18 China’s zinc oxide plants’ operating rate from 2012 to 2015 21 Picture 19 China’s zinc oxide plants’ stocks from 2014 to 2015 22 Picture 20 China’s zinc oreconcentrate imports 2013-2014 25 Picture 21 China’s refined zinc imports 2014 26 Picture 22 China’s refined zinc import origins 2014 27 Picture 23 China zinc oxide imports in 2014 28 Picture 24 The origins of China’s zinc oxide imports in December 2014 28 Picture 25 China’s zinc oxide import price 29 Picture 26 China’s zinc powder and flake powder imports from January to December 2014 30 Picture 27 Origins of China’s zinc powder and zinc flake powder imports in 2014 31 Table 1 Prices for zinc oxide 99.Asian Metal Copyright2 China’s December PMI drop 0.2% 2
1.2 International financial overview 3
1.2.1 Crude oil futures prices fluctuated but ended with stability 3
1.2.2 The US dollar went up continuously in January 4
2 International market overview 5
3 Chinese domestic market overview 7
3.1 Zinc concentrate prices weaken on the Chinese market in January 7
3.2 Zinc ingot trading slow, spot premiums narrow 9
3.3 More and more die-casting zinc alloy plants halt production 10
3.4 Zinc oxide market 11
3.4.1 Market for zinc oxide produced from zinc ingots flat 11
3.4.2 Market for zinc oxide produced from zinc scrap sluggish 12
3.4.3 Zinc oxide 90-99% market dull 13
3.5 Zinc powder market 13
3.5.1 Fine zinc powder demand declines slightly 13
3.5.2 Consumers purchase metal zinc powder from hand to mouth 14
3.6 Zinc sulfate prices increase continuously 14
4 Production data 15
4.1 China’s zinc concentrate production down by 5.26% MOM in December 2014 15
4.2 China’s refined zinc production down by 1.9% MOM in December 16
4.3 Operating rate of China’s zinc smelters down to 78% in January 17
4.3 China’s zinc smelters’ stocks up by 30.6% MOM in late January 18
4.4 China’s die-casting zinc alloy plants’ operating rate down to 35.35% in January 19
4.5 Operating rate of China’s zinc oxide plants down to 37.8% in January 20
4.6 Stocks at China’s zinc oxide plants up by 10.8% MOM in late January 21
5 Import & export data analysis 22
5.1 China’s zinc import and export data by country in December 22
5.2 China’s zinc ore/concentrate imports in December hit a 40-month high 24
5.3 China’s refined zinc imports down by 7.62% MOM in December 25
5.4 China’s zinc oxide imports down by 6.67% MOM in December 27
5.5 China’s zinc powder imports down by 42.7% MOM in December 29
5.6 Top ten Chinese zinc ore/concentrate importers in December 31
5.7 Top ten Chinese refined zinc importers in December 32
5.8 Top ten Chinese zinc oxide importers in December 32
5.9 Top seven Chinese zinc powder importers in December 33
6 Company news 33
6.1 Caijiaying Lead-Zinc Mine to increase zinc concentrate output by 167% in 2015 33
6.2 Jinwang Mine’s lead-zinc mining expansion project starts trial production in late December 34
6.3 Jiangxi Copper produces 65,000t of zinc ingot in 2014 34
6.4 Danxia Smelter resumes zinc ingot production 34
6.5 Shenlong Zinc produces 8,000t of zinc power in 2014 35
6.6 Shandong Haihua Jinzhong Zinc produces 16,000t of zinc oxide in 2014 35
7 Related industry developments 35
7.1 China’s crude steel output up by 1.5% YOY in December 35
7.2 China’s automobile sales volume up by 12.93 % YOY in December 35
8 Outlook for February 36

Picture 1 China’s CPI and PPI trend in 2014 2
Picture 2 China’s PMI index from 2014 to 2015 3
Picture 3 US crude oil futures price trend on major transaction market in December 4
Picture 4 USD index chart 4
Picture 5 Three-month seller zinc on the LME in January 2015 6
Picture 6 Zinc stocks on the LME in January 2015 6
Picture 7 Prices for zinc concentrate 50%min in South China in January 2015 8
Picture 8 Prices for zinc concentrate 55%min in North China in January 2015 9
Picture 9 Prices for SHG zinc ingots in January 2015 10
Picture 10 Price graph for Zamak-3 zinc alloy in January 2015 11
Picture 11 Prices for rubber grade zinc oxide 99.7%min from zinc ingots in January 2015 12
Picture 12 Prices for 325 mesh zinc powder 98%min in January 2015 14
Picture 13 China’s zinc concentrate production 2011-2014 16
Picture 14 China’s refined zinc production 2011-2014 17
Picture 15 China’s zinc smelters’ operating rate 2013-2015 18
Picture 16 China’s zinc smelters’ stocks from 2014 to 2015 19
Picture 17 China’s major die-casting zinc alloy producers’ operating rate from 2012 to 2015 20
Picture 18 China’s zinc oxide plants’ operating rate from 2012 to 2015 21
Picture 19 China’s zinc oxide plants’ stocks from 2014 to 2015 22
Picture 20 China’s zinc ore/concentrate imports 2013-2014 25
Picture 21 China’s refined zinc imports 2014 26
Picture 22 China’s refined zinc import origins 2014 27
Picture 23 China zinc oxide imports in 2014 28
Picture 24 The origins of China’s zinc oxide imports in December 2014 28
Picture 25 China’s zinc oxide import price 29
Picture 26 China’s zinc powder and flake powder imports from January to December 2014 30
Picture 27 Origins of China’s zinc powder and zinc flake powder imports in 2014 31


Table 1 Prices for zinc oxide 99.7%min produced from zinc scrap 13
Table 2 Output changes of some zinc smelters in January 17
Table 3 Refined zinc, zinc alloy, zinc concentrate/ore imports and exports in December 2014 22
Table 4 China’s top 10 zinc ore/concentrate import companies in December 2014 31
Table 5 China’s top 10 refined zinc import companies in December 2014 32
Table 6 China’s top 10 zinc oxide import companies in December 2014 32
Table 7 China’s top seven zinc powder import companies in December 2014 33

.Asian Metal Copyright1 China’s crude steel output up by 1Asian Metal Copyright