Lead Market Report April 2015

Introduction 4
1. International Market Review 4
1.1 LME lead futures jump significantly during April 4
2. Chinese market review 5
2.1 Trading warms up on the Chinese lead concentrate market in April 5
2.2 Chinese lead ingot prices up by 11.29% during April 6
2.3 Secondary lead prices rebound sharply in April 7
2.4 Recycled lead battery prices were on the rise in April 9
2.5 Lead acid battery demand remains weak in April 11
3. Production Data 12
3.1 Supply of refined lead metal exceeds demand by 18kt in global refined lead market in February 2015 12
3.2 Lead production in China 13
3.2.Asian Metal Copyright4 Chinese lead acid battery exports down by 18% MOM in March 25 5.Asian Metal Copyright1 China’s lead concentrate output down by 16.28% YOY in Q1 2015 13
3.2.Asian Metal Copyright2 China’s refined lead output declines by 7.Asian Metal Copyright2 China’s refined lead output declines by 7.88% YOY in March 13
3.2.Asian Metal Copyright1 China’s lead oreconcentrate imports up by 24.Asian Metal Copyright3 Chinese primary lead smelters’ lead ingot output down by 2.07% MOM in April 2015 14
3.2.Asian Metal Copyright3 Chinese primary lead smelters’ lead ingot output down by 2.Asian Metal Copyright4 Secondary lead output from Chinese medium and large smelters up by 4.5% MOM in April 15
3.2.Asian Metal Copyright Import and export data in China 19 4.Asian Metal Copyright5 Recycled lead battery inventories held by Chinese medium-to-large secondary lead smelters down by 32.7% MOM by the end of April 16
3.2.Asian Metal Copyright3 Chinese primary lead smelters’ lead ingot output down by 2.Asian Metal Copyright6 Chinese medium and large smelters’ secondary lead stocks up by 18.3% MOM in late April 17
3.2.Asian Metal Copyright79% MOM in March 2015 23 4.Asian Metal Copyright7 Lead ingot stocks at Chinese primary lead smelters down by 38.46% MOM late April 2015 18
4. Import and export data in China 19
4.1 Lead import and export data in China by country: 19
4.2 Analysis of lead import & export data 21
4.2.1 China’s lead ore/concentrate imports up by 24.80% MOM in March 2015 21
4.2.Asian Metal Copyright2.Asian Metal Copyright2 China’s refined lead exports up by 86.79% MOM in March 2015 23
4.3 Top ten Chinese lead ore/concentrate importers in March 2015 24
4.4 Chinese lead acid battery exports down by 18% MOM in March 25
5. Company News 26
5.1 Ruifeng Lead smelter to resume production in July 26
5.2 Jinde Lead to halt production for maintenance in late May 27
5.3 Chihong Zinc & Germanium’s zinc and lead smelters to start formal production in Inner Mongolia in June 27
5.4 Zhenxing Lead has no intention of restarting operation until June 27
5.5 Tongguan has no plan to restart production 27
6. Related industry Developments 28
6.1 China’s automobile sales up by 3.29% YOY in March 2015 28
7．Market Outlook 28

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

Table 1: World Refined Lead Supply and Usage 2010-2015 13
Table 2 Operating rates for lead smelters in Henan, Hunan and Yunnan in April 2015 15
Table 3 Lead ingot stocks in Henan, Hunan and Yunnan provinces in late April 19
Table 4: China’s lead import and export data in March 2015 21
Table 5 Top ten Chinese lead ore/concentrate importers in March 2015 25
Table 6 Top 10 Chinese lead-acid battery export destinations in March 26

.Asian Metal Copyright2 Chinese lead ingot prices up by 11Asian Metal Copyright