Lead Market Report February 2015

Introduction 4
1 Financial overview 4
1.1 Domestic financial overview 4
1.1.Asian Metal Copyright04% MOM in January 2015 27 5.Asian Metal Copyright1 January CPI growth rate breaks 1% PPI drops 4.3% YOY 4
1.1.2 February PMI rebounds slightly 5
1.2 International financial overview 6
1.2.1 Crude oil futures prices rebound from the bottom 6
1.2.2 US dollar to keep climbing up in March 7
2. International Market Review 8
2.1 Lead futures drop further on LME in February 8
2.2 North American lead market flat in February 9
2.3 North American spent lead acid battery prices decline in February 9
3. Chinese market review 9
3.1 Chinese lead concentrate quiet in February 9
3.2 Chinese lead ingot market stagnated during February 10
3.3 Many secondary lead smelters halt production with the prices on the decline in February 11
3.4 Recycled lead battery trading falls into stagnancy in February 13
3.5 Lead acid battery factories decrease output in February 15
4. Production Data 17
4.1 Global market for refined lead metal closely balanced in 2014 17
4.2 Lead production in China 18
4.2.Asian Metal Copyright Chinese market review 9 3.Asian Metal Copyright1 Chinese primary lead smelters’ lead ingot output down by 22.36% MOM in February 18
4.2.Asian Metal Copyright1 Lead futures drop further on LME in February 8 2.Asian Metal Copyright2 Secondary lead output from Chinese medium and large smelters down by 20.7% MOM in February 19
4.2.3 Recycled lead battery inventories held by Chinese medium-to-large secondary lead smelters up by 21% MOM by the end of February 20
4.2.4 Chinese medium and large smelters’ secondary lead stocks down by 12% MOM in late February 21
4.2.Asian Metal Copyright1 Lead futures drop further on LME in February 8 2.Asian Metal Copyright5 Lead ingot stocks at Chinese primary lead smelters up by 86.75% MOM late February 2015 22
5. Import and export data in China 23
5.1 Lead import and export data in China by country: 23
5.2 Analysis of lead import & export data 24
5.2.1 China’s lead ore/concentrate imports down by 12.41% YOY in January 2015 24
5.2.Asian Metal Copyright2.Asian Metal Copyright2 China’s refined lead exports down by 44.04% MOM in January 2015 27
5.3 Top ten Chinese lead ore/concentrate importers in January 2015 27
5.4 Chinese lead acid battery exports up by 6% MOM in January 28
6. Company News 30
6.1 Zhicheng Gold & Lead halts production for maintenance 30
6.2 Xing’an Silver & Lead halts production for maintenance in late January 30
6.3 Jinwang Bismuth’s lead smelter out of production for upgrading equipments 30
7. Related industry Developments 30
7.1 China’s automobile sales rises by 7.56% in January 2015 30
8． Market Outlook 30

Graph 1 China’s CPI and PPI YOY trend from 2014 to 2015 5
Graph 2 China’s PMI from 2014 to 2015 6
Graph 3 US crude oil futures prices trend on major transaction markets in February 7
Graph 4 US dollar index trend 7
Graph 5 The price graph of lead futures on the LME in February 2015 8
Graph 6: Lead ingot inventories in LME warehouses in February 2015 9
Graph 7: Lead concentrate 60%min prices on the Chinese spot market in February 2015 10
Graph 8 Lead ingot 99.994%min prices on the Chinese spot market in February 2015 11
Graph 9 Secondary Lead 98%min EX-VAT prices on Chinese market in February 2015 12
Graph 10 Secondary Lead 98%min prices on the Chinese spot market in February 2015 13
Graph 11 Recycled start-type lead battery EX-VAT prices on the Chinese spot market in February 2015 14
Graph 12 Recycled deep cycle lead battery EX-VAT prices on the Chinese spot market in February 2015 15
Graph 13 Processing charges for deep cycle lead battery polar plate in February 2015 16
Graph 14 Processing charges of start-type lead battery polar plate in February 2015 17
Graph 15 Chinese Primary lead smelters’ lead ingot production and operating rates Jan 2014-Feb 2015 18
Graph 16 China's secondary lead output statistics by month 20
Graph 17 China's secondary lead smelters' recycled lead battery inventory statistics by month 21
Graph 18 China's secondary lead smelters' secondary lead inventory statistics by month 22
Graph 19 China’s lead concentrate imports Jan 2013-Jan 2015 25
Graph 20 Lead ore/concentrate imported from Australia into China Jan 2014-Jan 2015 26
Graph 21 Lead ore/concentrate imported from Peru into China Jan 2014-Jan 2015 26
Graph 22 China refined lead exports 2013-2015 27
Graph 23 China's lead acid battery export volume statistics by month 28
Graph 24 China's start-type lead acid battery export volume statistics by month 29

Table 1: World Refined Lead Supply and Usage 2010 – 2014 18
Table 2: Operating rates for lead smelters in Henan, Hunan and Yunnan in February 2015 19
Table 3 Lead ingot stocks in Henan, Hunan and Yunnan provinces. 22
Table 4: China’s lead import and export data in January 2015 24
Table 5 Top ten Chinese lead ore/concentrate importers in January 2015 28
Table 6 Top 10 Chinese lead-acid battery export destinations in January 29

.Asian Metal Copyright75% MOM late February 2015 22 5Asian Metal Copyright