Lead Market Report September 2015

Introduction 4
1. International Market Review 4
1.1 LME lead futures linger at low levels during September 4
2. Chinese market review 5
2.1 Chinese lead concentrate supply continues to increase, lead treatment charges rise further 5
2.2 Chinese lead market consolidates during September 6
2.3 Secondary lead market stable during September 7
3. Production Data 9
3.1 World demand of refined lead metal exceeds supply by 2kt during July 2015 9
3.2 Lead production in China 9
3.2.Asian Metal Copyright5 Lead ingot stocks at Chinese primary lead smelters down by 0.Asian Metal Copyright1 China’s refined lead output down by 4.14% YOY in Jan-Aug 2015 9
3.2.Asian Metal Copyright2.Asian Metal Copyright2 China’s lead concentrate output down by 7.08% YOY in August 2015 10
3.2.3 Chinese primary lead smelters’ operating rates climb slightly in September 11
3.2.Asian Metal Copyright2.Asian Metal Copyright4 China’s major smelters’ secondary lead output down by 4.63% MOM in September 13
3.2.Asian Metal Copyright Related industry Developments 25 6.Asian Metal Copyright5 Lead ingot stocks at Chinese primary lead smelters down by 0.36% MOM late September 2015 14
3.2.Asian Metal Copyright2.Asian Metal Copyright6 China’s major smelters’ secondary lead stocks decline by 3.57% MOM in September 15
4. Import and export data in China 16
4.1 Lead import and export data in China by country: 16
4.2 Analysis of lead import & export data 19
4.2.1 China’s lead ore/concentrate imports down by 14.1% YOY in August 2015 19
4.2.Asian Metal Copyright2.Asian Metal Copyright2 China’s refined lead exports up by 28.48% YOY in August 2015 20
4.3 Top ten Chinese lead ore/concentrate importers in August 2015 21
4.4 China’s lead acid battery exports down by 15.46% MOM in August 22
4.5 Top ten Chinese lead-acid battery export destinations in July 23
5. Company News 24
5.1 Wanyang’s lead output declines by 16% in September 24
5.2 Zhenxing’s new lead smelter produces around 7kt crude lead in August 24
5.3 Ruifeng Lead to complete technology reform in late 2015 25
5.3 Shanjin Silver & Lead to produce refined silver ingot in October 25
6. Related industry Developments 25
6.1 China’s automobile output up by 3.41% MOM in August 2015 25
7．Market Outlook 26

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

Table 1: World Refined Lead Supply and Usage 2010-2015 9
Table 2 Average operating rates for lead smelters in Henan, Hunan and Yunnan provinces. 12
Table 3 China’s lead import and export data in August 2015 19
Table 4 Top ten Chinese lead ore/concentrate importers in August 2015 22
Table 5 Top 10 Chinese lead-acid battery export destinations in August 2015 24

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