Lead Market Report October 2015

Introduction 4
1. International Market Review 4
1.1 LME lead futures fluctuate significantly during October 4
2. Chinese market review 6
2.1 Lead concentrate supply remains sufficient on the Chinese market, lead treatment charges increase further 6
2.2 Demand for lead ingot remains weak on the Chinese market, lead prices lack momentum to bounce up 7
2.3 Chinese secondary lead market sluggish during October 8
3. Production Data 10
3.1 World supply of refined lead metal exceeds demand by 12.4kt during August 2015 10
3.2 Lead production in China 10
3.2.Asian Metal Copyright02% YOY in September 2015 10 3.Asian Metal Copyright1 China’s refined lead output down by 7.02% YOY in September 2015 10
3.2.Asian Metal Copyright2.Asian Metal Copyright2 China’s lead concentrate output down by 7.98% YOY in September 2015 11
3.2.3 Chinese primary lead smelters’ operating rates nose up further in October 12
3.2.Asian Metal Copyright4 Jiangxi Copper’s lead smelter halts production for regular maintenance 24 5.Asian Metal Copyright4 China’s major smelters’ secondary lead output down by 39.37% YOY in October 14
3.2.Asian Metal Copyright Chinese market review 6 2.Asian Metal Copyright5 Lead ingot stocks at Chinese primary lead smelters down by 16.61% MOM late October 2015 15
3.2.Asian Metal Copyright61% MOM late October 2015 15 3.Asian Metal Copyright6 China’s major smelters’ secondary lead stocks decline by 3.70% MOM in October 16
4. Import and export data in China 17
4.1 Lead import and export data in China by country: 17
4.2 Analysis of lead import & export data 19
4.2.1 China’s lead ore/concentrate imports down by 75.08% YOY in September 2015 19
4.2.Asian Metal Copyright2.Asian Metal Copyright2 China’s refined lead exports up by 35.88% MOM in September 2015 20
4.3 Top ten Chinese lead ore/concentrate importers in September 2015 21
4.4 China’s lead acid battery exports up by 10.69% YOY in September 22
4.5 Top ten Chinese lead-acid battery export destinations in September 23
5. Company News 24
5.1 Glencore to reduce mine production by 500,000 tonnes of zinc metal per annum 24
5.2 Haicheng Chengxin’s lead smelter resumes production in late September 24
5.3 Chihong Zinc & Germanium’s lead smelter resumes production in Yunnan 24
5.4 Jiangxi Copper’s lead smelter halts production for regular maintenance 24
5.5 Nonfemet’s lead smelter to halt production for maintenance in early December 25
5.6 Chihong Mining plans to produce around 3,000t of refined lead ingots in November 25
5.7 Guiyang Yinxing’s lead and silver output declines in October 25
6. Related industry Developments 25
6.1 China’s automobile sales volume increased in September 2015 25
7．Market Outlook 26

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

Table 1: World Refined Lead Supply and Usage 2010-2015 10
Table 2 Average operating rates for lead smelters in Henan, Hunan and Yunnan provinces. 13
Table 3 China’s lead import and export data in September 2015 19
Table 4 Top ten Chinese lead ore/concentrate importers in September 2015 22
Table 5 Top 10 Chinese lead-acid battery export destinations in September 2015 24

.Asian Metal Copyright97%min prices on the Chinese spot market in September-October 2015 10 Graph 7 China’s refined lead ingot output Jan 2014-Sep 2015 11 Graph 8 China’s lead concentrate output Jan 2014-Sep 2015 12 Graph 9 China’s major primary lead smelters’ average operation rate Jan 2014-Oct 2015 13 Graph 10 Average operation rates in lead smelters in Henan, Hunan and Yunnan Jan 2014-Oct 2015 14 Graph 11 China's secondary lead output Jan 2014-Oct 2015 15 Graph 12 Lead ingot inventories held by the Chinese primary lead smelters Jan 2014-Oct 2015 16 Graph 13 Secondary lead inventories held by major lead smelters Jan 2014-Oct 2015 17 Graph 14 China’s monthly lead oreconcentrate imports from January 2014 to September 2015 19 Graph 15 Lead oreconcentrate imported from Australia, Peru, Russia and the United States by China from September 2014 to September 2015 20 Graph 16 China’s refined lead exports during January 2014 and September 2015 21 Graph 17 China's lead acid battery export volume Jan 2014-Sep 2015 22 Graph 18 China's start-type lead acid battery export volume Jan 2014-Sep 2015 23 Table 1: World Refined Lead Supply and Usage 2010-2015 10 Table 2 Average operating rates for lead smelters in Henan, Hunan and Yunnan provincesAsian Metal Copyright