2015 Annual Report on Lead Market

Outline
Introduction 3
1. Lead market review 2015 3
1.2 Lead futures dropped continuously on LME during 2015 3
1.2 Chinese lead concentrate market review 2015 4
1.3 Chinese primary lead ingot market review 2015 4
1.4 Chinese secondary lead market review 2015 5
2．Lead production and demand in 2015 6
2.1 Global lead market supply and consumption in 2015 6
2.2 China’s lead concentrate output down by 10.69% YOY during Jan-Nov 2015 6
2.3 Chinese primary lead smelters’ operating rates up by 0.72% MOM in December 7
2.4 Lead ingot stocks at Chinese primary lead smelters down by 3.49% MOM late December 2015 8
3 China’s lead import and export data in 2015 8
3.1 China’s refined lead exports up by 43.37% YOY during Jan-Nov 2015 8
3.2 China’s lead ore/concentrate import data during 2015 9
3.3 China’s major lead smelters’ lead ore/concentrate monthly imports during 2015 10
3.3.1 Yuguang Gold & Lead’s lead concentrate monthly import in 2015 10
3.3.2 Yugbei Gold & Lead’s lead concentrate monthly import in 2015 10
3.3.3 Jiyuan Wanyang’s lead concentrate monthly import in 2015 10
3.3.4 Anyang Minshan’s lead concentrate monthly import in 2015 10
3.3.5 Shandong Hubom’s lead concentrate monthly imports in 2015 11
3.3.6 Jiyuan Jinli’s lead concentrate monthly imports in 2015 11
3.3.7Hunan Zhuzhou Smelter’s lead concentrate monthly imports in 2015 11
3.3.8 Hunan Shuikoushan’s lead concentrate monthly imports in 2015 11
3.3.9 Hunan Yuteng’s lead concentrate monthly imports in 2015 11
3.3.10 Guangxi Chengyuan’s lead concentrate monthly imports in 2015 12
3.3.11 Guangxi Hechi Nanfang’s lead concentrate monthly imports in 2015 12
Unit: tonnes 12
3.3.12 Hunan Jinwang Bismuth’s lead concentrate monthly imports in 2015 12
3.3.13 Zhongjin Lingnan’s lead concentrate monthly imports in 2015 12
3.3.14 Guiyang Yinxing’s lead concentrate monthly imports in 2015 12
Unit: tonnes 12
3.4 top 25 of China’s lead ore/concentrate importers in 2015 13
4. Lead market outlook 2016 13

Graph 1 Lead futures on LME in 2015 3
Graph 2 LME’s lead ingot inventories in 2015 4
Graph 3 Prices for lead concentrate 60%min on the Chinese market in 2015 4
Graph 4 Prices for lead ingot 99.994%min on the Chinese market in 2015 5
Graph 5 Secondary Lead 98%min prices on the Chinese spot market in 2015 5
Graph 6 Secondary Lead 99.97%min prices on the Chinese spot market in 2015 5
Graph 7 China’s lead concentrate output between January 2014 and November 2015: 6
Graph 8 China’s major primary lead smelters’ average operation rates between January 2014 and December 2015 7
Graph 9 Lead ingot inventories held by the Chinese primary lead smelters between January 2014 and December 2015 8
Graph 10 China’s refined lead exports during January 2014 and November 2015 8
Graph 11 China’s monthly lead ore/concentrate imports from January 2014 to November 2015. 9
Graph 12 Lead ore/concentrate imported from Australia, Peru, Russia and the United States by China from January 2015 to October 2015: 10
Graph 13 Yuguang Gold & Lead’s lead concentrate monthly import in 2015 10
Graph 14 Yuguang Gold & Lead’s lead concentrate monthly import in 2015 10
Graph 15 Jiyuan Wanyang’s lead concentrate monthly import in 2015 10
Graph 16 Anyang Minshan’s lead concentrate monthly import in 2015 11
Graph 17 Shandong Hubom’s lead concentrate monthly imports in 2015 11
Graph 18 Jiyuan Jinli’s lead concentrate monthly imports in 2015 11
Graph 19 Hunan Zhuzhou Smelter’s lead concentrate monthly imports in 2015 11
Graph 20 Hunan Shuikoushan’s lead concentrate monthly imports in 2015 11
Graph 21 Hunan Yuteng’s lead concentrate monthly imports in 2015 12
Graph 22 Guangxi Chengyuan’s lead concentrate monthly imports in 2015 12
Graph 23 Guangxi Hechi Nanfang’s lead concentrate monthly imports in 2015 12
Graph 24 Hunan Jinwang Bismuth’s lead concentrate monthly imports in 2015 12
Graph 25 Zhongjin Lingnan’s lead concentrate monthly imports in 2015 12
Graph 26 Guiyang Yinxing’s lead concentrate monthly imports in 2015 13


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