Lead Market Report July 2015

Introduction 4
1. International Market Review 4
1.1 LME lead futures continue to head down during July 4
2. Chinese market review 5
2.1 Chinese lead concentrate supply sufficient in July 5
2.2 Chinese lead market slow in July 6
2.3 Secondary lead market slows down in July 7
2.4 Lead acid battery demand remains weak in China during July 9
3. Production Data 11
3.1 World supply of refined lead exceeds demand by 7kt over Jan-May 2015 11
3.2 Lead production in China 12
3.2.Asian Metal Copyright2 Analysis of lead import export data 19 4.Asian Metal Copyright1 China’s refined lead output down by 3.49% YOY in H1 2015 12
3.2.Asian Metal Copyright2.Asian Metal Copyright2 China’s lead concentrate output down by 8.74% YOY in H1 2015 12
3.2.3 Chinese primary lead smelters’ operating rates continue to rise slightly in July 13
3.2.4 China’s major smelters’ secondary lead output up by 10% MOM in July 16
3.2.Asian Metal Copyright1 China’s lead oreconcentrate imports down by 21.Asian Metal Copyright5 Lead ingot stocks at Chinese primary lead smelters down by 4.18% MOM late July 2015 16
3.2.6 Secondary lead inventories at major Chinese smelters up by 15% MOM by late July 2015 17
4. Import and export data in China 18
4.1 Lead import and export data in China by country: 18
4.2 Analysis of lead import & export data 19
4.2.1 China’s lead ore/concentrate imports down by 21.97% MOM in June 2015 19
4.2.Asian Metal Copyright94% in H1 2015 20 4.Asian Metal Copyright2 China’s refined lead exports up by 68.94% in H1 2015 20
4.3 Top ten Chinese lead ore/concentrate importers in June 2015 21
4.4 China’s lead acid battery exports down by 5.73% MOM in June 22
4.5 Top ten Chinese lead-acid battery export destinations in June 23
5. Company News 23
5.1 Hubei Vision’s lead acid battery project launched in July 23
5.2 Yuteng’s lead smelter resumes production in early July 24
5.3 Jinde’s lead smelter resumes production in late July 24
6. Related industry Developments 24
6.1 China’s automobile sales down by 2.31% YOY in June 2015 24
7．Market Outlook 24

Graph 1: The price graph of lead futures on the LME in July 2015 4
Graph 2: Lead ingot inventories in LME warehouses in July 2015 5
Graph 3: Lead concentrate 60%min prices on the Chinese spot market in July 2015 6
Graph 4 Lead ingot 99.994%min prices on the Chinese spot market in July 2015 7
Graph 5 Secondary Lead 98%min EX-VAT prices on Chinese market in July 2015 8
Graph 6 Secondary Lead 99.97%min prices on the Chinese spot market in July 2015 9
Graph 7 Processing charges for deep cycle lead battery polar plate in July 2015 10
Graph 8 Processing charges of start-type lead battery polar plate in July 2015 10
Graph 9 China’s refined lead ingot output Jan 2014-Jun 2015 12
Graph 10 China’s lead concentrate output Jan 2014-Jun 2015 13
Graph 11 China’s major primary lead smelters’ average operation rate Jan 2014-Jul 2015 14
Graph 12 Average operation rates in lead smelters in Henan, Hunan and Yunnan Jan 2014-Jul 2015 15
Graph 13 China's secondary lead output statistics by month 16
Graph 14 Lead ingot inventories held by the Chinese primary lead smelters Jan 2014-Jun 2015 17
Graph 15 Secondary lead inventories held by major lead smelters Jan 2014-Jul 2015 18
Graph 16 China’s monthly lead ore/concentrate imports from January 2014 to June 2015 20
Graph 17 China’s refined lead exports during January 2014 and June 2015 21
Graph 18 China's lead acid battery export volume statistics by month 22
Graph 19 China's start-type lead acid battery export volume statistics by month 23

Table 1: World Refined Lead Supply and Usage 2010-2015 11
Table 2 Average operating rates for lead smelters in Henan, Hunan and Yunnan provinces. 14
Table 3 China’s lead import and export data in June 2015 19
Table 4 Top ten Chinese lead ore/concentrate importers in June 2015 21
Table 5 Top 10 Chinese lead-acid battery export destinations in June 23

.Asian Metal Copyright Chinese market review 5 2Asian Metal Copyright