Lead Market Report May 2015

Introduction 4
1. International Market Review 4
1.1 LME lead futures retreat in May 4
2. Chinese market review 5
2.1 Chinese lead concentrate market warms up in May 5
2.2 Chinese lead ingot prices supported by short supply of lead ingot in May 6
2.3 Secondary lead prices decline from record high 7
2.4 Recycled lead battery prices firm 9
2.5 Lead acid battery demand remains weak in May 10
3. Production Data 12
3.1 World refined lead metal supply exceeds demand by 11kt in Q1 2015 12
3.2 Lead production in China 12
3.2.Asian Metal Copyright Related industry Developments 27 6.Asian Metal Copyright1 China’s lead concentrate output down by 6.22% YOY in April 2015 13
3.2.Asian Metal Copyright Import and export data in China 19 4.Asian Metal Copyright2 China’s refined lead output down by 2.35% MOM in April 13
3.2.3 Chinese primary lead smelters’ operation rates continue to decline slightly in May 14
3.2.Asian Metal Copyright2.Asian Metal Copyright4 Secondary lead outputs from Chinese primary smelters down by 3.5% MOM in May 15
3.2.5 Chinese primary smelters’ secondary lead stocks down by 39% MOM in late May 16
3.2.6 Recycled lead battery inventories held by Chinese primary secondary lead smelters down by 18% MOM by the end of May 17
3.2.Asian Metal Copyright International Market Review 4 1.Asian Metal Copyright7 Lead ingot stocks at Chinese primary lead smelters down by 11.33% MOM late May 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 down by 16.32% MOM in April 2015 21
4.2.Asian Metal Copyright32% MOM in April 2015 21 4.Asian Metal Copyright2 China’s refined lead exports up by 15.56% MOM in April 2015 23
4.3 Top ten Chinese lead ore/concentrate importers in April 2015 24
4.4 Chinese lead acid battery exports up by 43% MOM in April 25
5. Company News 26
5.1 Jinde Lead’s new lead smelter to start operation in July 26
5.2 Yunnan Tin’s lead smelter to resume production in early June 27
5.3 Changba Lead Zinc Mine to double its mining and processing capacity 27
6. Related industry Developments 27
6.1 China’s automobile sales down by 0.49% YOY in April 2015 27
7．Market Outlook 27

Graph 1: The price graph of lead futures on the LME in May 2015 4
Graph 2: Lead ingot inventories in LME warehouses in May 2015 5
Graph 3: Lead concentrate 60%min prices on the Chinese spot market in May 2015 6
Graph 4 Lead ingot 99.994%min prices on the Chinese spot market in May 2015 7
Graph 5 Secondary Lead 98%min EX-VAT prices on Chinese market in May 2015 8
Graph 6 Secondary Lead 98%min prices on the Chinese spot market in May 2015 8
Graph 7 Recycled start-type lead battery EX-VAT prices on the Chinese spot market in May 2015 9
Graph 8 Recycled deep cycle lead battery EX-VAT prices on the Chinese spot market in May 2015 10
Graph 9 Processing charges for deep cycle lead battery polar plate in May 2015 11
Graph 10 Processing charges of start-type lead battery polar plate in May 2015 11
Graph 11 Chinese Primary lead smelters’ lead ingot production and operating rates Jan 2014-May 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-Apr 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-Apr 2015 23
Graph 18 China’s refined lead exports during January 2014 and April 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 12
Table 2 Operating rates for lead smelters in Henan, Hunan and Yunnan in May 2015 15
Table 3 Lead ingot stocks in Henan, Hunan and Yunnan provinces in late May 19
Table 4: China’s lead import and export data in April 2015 21
Table 5 Top ten Chinese lead ore/concentrate importers in April 2015 25
Table 6 Top 10 Chinese lead-acid battery export destinations in April 26

.Asian Metal Copyright2 China’s refined lead output down by 2Asian Metal Copyright