Lead Market Report January 2015
2015-02-11 08:46:26 【Print】
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Introduction 5
1 Financial overview 5
1.1 Domestic financial overview 5
1.1.1 December CPI up 1.5% YOY PPI down 3.3% YOY in China 5
1.1.2 China’s December PMI drop 0.2% 5
1.2 International financial overview 7
1.2.1 Crude oil futures prices fluctuated but ended with stability 7
1.2.2 US dollar went up continuously in January 8
2. International Market Review 8
2.1 Lead futures drop to a 30-month low in January 8
2.2 North American lead market flat in January 9
2.3 North American spent lead acid battery prices decline in January 10
3. Chinese market review 10
3.1 Lead concentrate prices decline, suppliers watching the market in January 10
3.2 Chinese lead ingot market sluggish during January 11
3.3 Secondary lead prices decline with thin trading in January 12
3.4 Recycled lead battery trading falls into stagnation in January 15
3.5 Some lead acid battery factories halt production in January 17
4. Production Data 18
4.1 World refined lead metal supply and demand close to balance Jan-Nov 2014 18
4.2 Lead production in China 19
4.2.1 China’s lead concentrate output up by 1.11% MOM in December 2014 19
4.2.2 China’s refined lead output declines by 15.1% MOM in December 2014 20
4.2.3 Chinese primary lead smelters’ lead ingot output down by 15.88% MOM in January 21
4.2.4 Secondary lead output from Chinese medium-to-large smelters down by 20% MOM in January 22
4.2.6 Recycled lead battery inventories held by Chinese medium-to-large secondary lead smelters down by 18% MOM by the end of January 24
4.2.7 Chinese medium- to large smelters’ secondary lead stocks down by 40% MOM in late January 25
4.2.8 Lead ingot stocks at Chinese primary lead smelters down by 22.16% MOM late January 2015 26
5. Import and export data in China 27
5.1 Lead import and export data in China by country: 27
5.2 Analysis of lead import & export data 29
5.2.1 China’s lead ore/concentrate imports up by 30.51% YOY in December 2014 29
5.2.2 China’s refined lead export up by 59% YOY in 2014 31
5.3 Top ten Chinese lead ore/concentrate importers in December 2014 32
Zhejiang Materials Industry International Co., Ltd. 32
5.4 Chinese lead acid battery exports down by 4% MOM in December 33
6. Company News 34
6.1 Ruifeng Lead smelter halts production for maintenance in mid-January 34
6.2 Anyang Minshan’s lead smelter halts production for maintenance in mid-January 34
6.3 Haicheng Chengxin obtains silver ingot in late January 35
6.4 Zhenxing Lead resumes production in mid-January 35
7. Related industry Developments 35
7.1 China’s automobile output rises by 7.3% in 2014 35
8． Market Outlook 35
Graph 1 China’s CPI and PPI YOY trend in 2014 5
Graph 2 China’s PMI in 2014 7
Graph 3 US crude oil futures price trend on major transaction market in January 7
Graph 4 US dollar index trend 8
Graph 5 The price graph of lead futures on the LME in January 2015 9
Graph 6: Lead ingot inventories in LME warehouses in January 2015 9
Graph 7: Lead concentrate 60%min prices on the Chinese spot market in January 2015 11
Graph 8 Lead ingot 99.994%min prices on the Chinese spot market in January 2015 12
Graph 9 Secondary Lead 98%min EX-VAT prices on Chinese market in January 2015 13
Graph 10 Secondary Lead 98%min prices on the Chinese spot market in January 2015 13
Graph 11 Secondary Lead 99.97%min EX-VAT prices on the Chinese spot market in January 2015 14
Graph 12 Secondary Lead 99.97%min prices on the Chinese spot market in January 2015 15
Graph 13 Recycled start-type lead battery EX-VAT prices on the Chinese spot market in January 2015 16
Graph 14 Recycled deep cycle lead battery EX-VAT prices on the Chinese spot market in January 2015 16
Graph 15 Processing charges for deep cycle lead battery polar plate in January 2015 17
Graph 16 Processing charges of start-type lead battery polar plate in January 2015 18
Graph 17 Chinese Primary lead smelters’ lead ingot production and operating rates Jan 2014-Jan 2015 21
Graph 18 Major secondary lead smelters' output by region 23
Graph 19 Secondary lead output of Chinese medium- to large-scale smelters 2014-2015 23
Graph 20 Chinese medium-to-large secondary lead smelters' recycled lead battery inventories by region 24
Graph 21 Secondary lead stocks allocation of Chinese large-scale smelters 25
Graph 22 Secondary lead stocks held by Chinese medium and large smelters 26
Graph 23 China’s lead concentrate imports Jan 2013-Dec 2014 29
Graph 24 Lead ore/concentrate imported from Australia into China Jan-Dec 2014 30
Graph 25 Lead ore/concentrate imported from Peru into China Jan-Dec 2014 31
Graph 26 China refined lead exports 2013-2014 32
Graph 27 China’s lead acid battery export in 2014 33
Table 1: World Refined Lead Supply and Usage 2009 – 2014 19
Table 2: Operating rates for lead smelters in Henan, Hunan and Yunnan in January 2015 22
Table 3 Lead ingot stocks in Henan, Hunan and Yunnan provinces. 26
Table 4: China’s lead import and export data in December 2014 29
Table 5 Top ten Chinese lead ore/concentrate importers in December 2014 33
Table 6 Top 10 Chinese lead-acid battery export destinations in December 34
1 Financial overview 5
1.1 Domestic financial overview 5
1.1.1 December CPI up 1.5% YOY PPI down 3.3% YOY in China 5
1.1.2 China’s December PMI drop 0.2% 5
1.2 International financial overview 7
1.2.1 Crude oil futures prices fluctuated but ended with stability 7
1.2.2 US dollar went up continuously in January 8
2. International Market Review 8
2.1 Lead futures drop to a 30-month low in January 8
2.2 North American lead market flat in January 9
2.3 North American spent lead acid battery prices decline in January 10
3. Chinese market review 10
3.1 Lead concentrate prices decline, suppliers watching the market in January 10
3.2 Chinese lead ingot market sluggish during January 11
3.3 Secondary lead prices decline with thin trading in January 12
3.4 Recycled lead battery trading falls into stagnation in January 15
3.5 Some lead acid battery factories halt production in January 17
4. Production Data 18
4.1 World refined lead metal supply and demand close to balance Jan-Nov 2014 18
4.2 Lead production in China 19
4.2.1 China’s lead concentrate output up by 1.11% MOM in December 2014 19
4.2.2 China’s refined lead output declines by 15.1% MOM in December 2014 20
4.2.3 Chinese primary lead smelters’ lead ingot output down by 15.88% MOM in January 21
4.2.4 Secondary lead output from Chinese medium-to-large smelters down by 20% MOM in January 22
4.2.6 Recycled lead battery inventories held by Chinese medium-to-large secondary lead smelters down by 18% MOM by the end of January 24
4.2.7 Chinese medium- to large smelters’ secondary lead stocks down by 40% MOM in late January 25
4.2.8 Lead ingot stocks at Chinese primary lead smelters down by 22.16% MOM late January 2015 26
5. Import and export data in China 27
5.1 Lead import and export data in China by country: 27
5.2 Analysis of lead import & export data 29
5.2.1 China’s lead ore/concentrate imports up by 30.51% YOY in December 2014 29
5.2.2 China’s refined lead export up by 59% YOY in 2014 31
5.3 Top ten Chinese lead ore/concentrate importers in December 2014 32
Zhejiang Materials Industry International Co., Ltd. 32
5.4 Chinese lead acid battery exports down by 4% MOM in December 33
6. Company News 34
6.1 Ruifeng Lead smelter halts production for maintenance in mid-January 34
6.2 Anyang Minshan’s lead smelter halts production for maintenance in mid-January 34
6.3 Haicheng Chengxin obtains silver ingot in late January 35
6.4 Zhenxing Lead resumes production in mid-January 35
7. Related industry Developments 35
7.1 China’s automobile output rises by 7.3% in 2014 35
8． Market Outlook 35
Graph 1 China’s CPI and PPI YOY trend in 2014 5
Graph 2 China’s PMI in 2014 7
Graph 3 US crude oil futures price trend on major transaction market in January 7
Graph 4 US dollar index trend 8
Graph 5 The price graph of lead futures on the LME in January 2015 9
Graph 6: Lead ingot inventories in LME warehouses in January 2015 9
Graph 7: Lead concentrate 60%min prices on the Chinese spot market in January 2015 11
Graph 8 Lead ingot 99.994%min prices on the Chinese spot market in January 2015 12
Graph 9 Secondary Lead 98%min EX-VAT prices on Chinese market in January 2015 13
Graph 10 Secondary Lead 98%min prices on the Chinese spot market in January 2015 13
Graph 11 Secondary Lead 99.97%min EX-VAT prices on the Chinese spot market in January 2015 14
Graph 12 Secondary Lead 99.97%min prices on the Chinese spot market in January 2015 15
Graph 13 Recycled start-type lead battery EX-VAT prices on the Chinese spot market in January 2015 16
Graph 14 Recycled deep cycle lead battery EX-VAT prices on the Chinese spot market in January 2015 16
Graph 15 Processing charges for deep cycle lead battery polar plate in January 2015 17
Graph 16 Processing charges of start-type lead battery polar plate in January 2015 18
Graph 17 Chinese Primary lead smelters’ lead ingot production and operating rates Jan 2014-Jan 2015 21
Graph 18 Major secondary lead smelters' output by region 23
Graph 19 Secondary lead output of Chinese medium- to large-scale smelters 2014-2015 23
Graph 20 Chinese medium-to-large secondary lead smelters' recycled lead battery inventories by region 24
Graph 21 Secondary lead stocks allocation of Chinese large-scale smelters 25
Graph 22 Secondary lead stocks held by Chinese medium and large smelters 26
Graph 23 China’s lead concentrate imports Jan 2013-Dec 2014 29
Graph 24 Lead ore/concentrate imported from Australia into China Jan-Dec 2014 30
Graph 25 Lead ore/concentrate imported from Peru into China Jan-Dec 2014 31
Graph 26 China refined lead exports 2013-2014 32
Graph 27 China’s lead acid battery export in 2014 33
Table 1: World Refined Lead Supply and Usage 2009 – 2014 19
Table 2: Operating rates for lead smelters in Henan, Hunan and Yunnan in January 2015 22
Table 3 Lead ingot stocks in Henan, Hunan and Yunnan provinces. 26
Table 4: China’s lead import and export data in December 2014 29
Table 5 Top ten Chinese lead ore/concentrate importers in December 2014 33
Table 6 Top 10 Chinese lead-acid battery export destinations in December 34
