Zinc Market Report March 2015

Contents
Introduction 1
2 International market overview 1
3 Chinese domestic market review 3
3.1 Zinc mines resume production in northern China, trading quiet 3
3.2 Zinc ingot supply abundant, market improves slightly 4
3.3 Die-casting zinc alloy plants’ operating rates rebound considerably 5
3.4 Zinc oxide market 6
3.4.1 Market for zinc oxide produced from zinc ingots stable 6
3.4.2 Prices for zinc oxide produced from zinc scrap decrease, demand dull 7
3.4.3 Zinc oxide 90-99% market sees no improvement 8
3.5 Zinc powder market 8
3.5.1 Super-fine zinc powder market stable 8
3.5.2 Metal zinc powder market improves 9
3.7 Zinc sulfate demand strong, prices firm 9
4 Production data 10
4.1 China’s zinc concentrate output down by 3.83% MOM in Jan-Feb 2015 10
4.2 China’s refined zinc output up by 16.18% MOM in Jan-Feb 2015 11
4.1 Operating rate of China’s zinc smelters down to 77.79% in March 11
4.2 China’s zinc smelters’ stocks down by 38.4% MOM in late March 12
4.3 China’s die-casting zinc alloy plants’ operating rate up to 40.03% in March 13
4.4 Operating rate of China’s zinc oxide plants up to 40.1% in March 14
4.5 Stocks at China’s zinc oxide plants up by 0.3% MOM in late March 15
5 Import & export data analysis 16
5.1 China’s zinc import and export data by country in February 16
5.2 China’s zinc ore/concentrate imports in February up by 17.67% YOY 18
5.3 China’s refined zinc imports down by 27% MOM in February 2015 20
5.4 China’s zinc oxide imports down by 41.2% MOM in February 21
5.5 China’s zinc powder imports up by 4.56% MOM in February 2015 23
5.6 Top ten Chinese zinc ore/concentrate importers in February 24
6 Company news 25
6.1 Qianxin Mining’s lead-zinc mine to resume production in late April 25
6.2 Shaanxi Dongling reduces zinc ingot output for maintenance 25
6.3 Hanil Chemical has no plan to restart its zinc powder production in the near term 25
7 Related industry developments 25
7.1 China’s crude steel output down by 5.4% YOY in Jan-Feb 25
7.2 China’s automobile sales volume down by 0.22% YOY in March 26
8 Outlook for April 26

Picture 1 Three-month seller zinc on the LME in March 2
Picture 2 Zinc stocks on the LME in March 2
Picture 3 Prices for zinc concentrate 50%min in South China in March 2015 4
Picture 4 Prices for zinc concentrate 55%min in North China in March 2015 4
Picture 5 Prices for SHG zinc ingot in March 2015 5
Picture 6 Prices for Zamak-3 zinc alloy in March 2015 6
Picture 7 Prices for rubber grade zinc oxide 99.7%min from zinc ingot in March 2015 7
Picture 8 Prices for domestic 325 mesh zinc powder 98%min in March 2015 9
Picture 9 China’s zinc smelters’ operating rate 2013-2015 12
Picture 10 China’s zinc smelters’ stocks from 2014 to 2015 13
Picture 11 China’s major die-casting zinc alloy producers’ operating rate 2012-2015 14
Picture 12 Operating rate of zinc oxide plants from 2012 to 2015 15
Picture 13 China’s zinc oxide plants’ stocks in 2014-2015 16
Picture 14 China zinc ore/concentrate imports 2013-2015 19
Picture 15 Zinc ore/concentrate imported by China from Australia and Peru between Jan 2014 and Feb 2015 20
Picture 16 China’s refined zinc imports from 2014 to 2015 21
Picture 17 China’s main refined zinc import origins in February 2015 21
Picture 18 China zinc oxide imports from 2014 to 2015 22
Picture 19 Origins of China’s zinc oxide imports in February 2015 22
Picture 20 China zinc powder imports 2014-2015 23
Picture 21 Origins of China's import zinc powder in 2015 24

Table 1 Prices for zinc oxide 99.7%min produced from zinc scrap 7
Table 2 China’s zinc concentrate output by province between January and February 2015 10
Table 3 Refined zinc, zinc alloy, zinc concentrate/ore import and export in February 2015 16
Table 4 China’s top 10 zinc ore/concentrate import companies in February 2015 24

.Asian Metal Copyright3 Hanil Chemical has no plan to restart its zinc powder production in the near term 25 7 Related industry developments 25 7Asian Metal Copyright