Lead Market Report December 2015

1. International market review 3
1.1 LME lead futures rise sharply in December 3
2．Chinese market review 3
2.1 Chinese lead concentrate supply remains sufficient in December 3
2.2 Chinese lead ingot prices rebound with fluctuations in December 4
2.3 Chinese secondary lead market weak in December 4
3．Production data 5
3.1 World supply of refined lead metal exceeds demand by 22kt during Jan-Oct 2015 5
3.2 Lead production in China 6
3.2.Asian Metal Copyright33% YOY in November 2015 10 4.Asian Metal Copyright1 China’s lead concentrate output up by 1.69% MOM in November 6
3.2.Asian Metal Copyright2 Chinese lead ingot prices rebound with fluctuations in December 4 2.Asian Metal Copyright2 Chinese primary lead smelters’ operating rate up by 0.72% MOM in December 6
3.2.3 Chinese secondary lead output holds steady in December 7
3.2.Asian Metal Copyright1 World supply of refined lead metal exceeds demand by 22kt during Jan-Oct 2015 5 3.Asian Metal Copyright4 Lead ingot stock for Chinese primary lead smelters up 3.49% MOM in December 8
3.2.5 Stock for major Chinese secondary lead smelters keeps at low level in late December 9
4. Import & Export data in China 10
4.1 Lead import and export data in China by country 10
4.2 Analysis of lead import & export data 10
4.2.Asian Metal Copyright2 Lead production in China 6 3.Asian Metal Copyright1 Chinese refined lead exports down 49.33% YOY in November 2015 10
4.2.2 Chinese lead ore/concentrate imports up 53.03% YOY in November 11
4.3 Top 10 Chinese importers for lead concentrate in November 12
4.4 Import data about Chinese lead ore/concentrate in November 2015 13
5. Company News 17
5.1 Shandogn Humon Smelting halts production in early December for equipment maintenance 17
5.2 Jiangxi Jinyang’s refined lead project to go to production in May 2016 17
5.3 Kingho Mining puts lead-zinc dressing plant into production in late November 17
5.4 Hulun Buir Chihong to halt production in January 2016 for equipment maintenance 18
6. Related industry developments 18
6.1 China’s automobile sales volume increases by 19.99% YOY in November 2015 18
7．Market Outlook 18

Graph 1 The price graph of lead futures on the LME in November-December 2015 3
Graph 2 Lead ingot inventories in LME warehouses in October-November 2015 3
Graph 3 Lead concentrate 60%min prices on the Chinese spot market in November-December 2015 4
Graph 4 Lead ingot 99.994%min prices on the Chinese spot market in November-December 2015 4
Graph 5 Secondary Lead 98%min EX-VAT prices on Chinese market in November-December 2015 5
Graph 6 Secondary Lead 99.97%min prices on the Chinese spot market in November-December 2015 5
Graph 7 China’s lead concentrate output Jan 2014-Nov 2015 6
Graph 8 China’s major primary lead smelters’ operation rate Jan 2014-Dec 2015 7
Graph 9 Chinese secondary lead monthly output from January 2014 to December 2015 8
Graph 10 Major Chinese primary lead smelters’ stock at month end from January 2014 to December 2015 9
Graph 11 Monthly secondary lead stocks of China’s 15 major smelters from January 2014 to December 2015 9
Graph 12 Chinese lead ingot exports from 2014 to 2015 10
Graph 13 Chinese lead ore/concentrate imports from January 2014 to November 2015 11
Graph 14 China’s imports of lead concentrate from Australia, Peru, Russia and the US in the first 11 months of 2015 12


Table 1 World Lead supply and consumption in 2015 6
Table 2 Operating rates for lead smelters in Henan, Yunnan and Hunan provinces 7
Table 3 China’s lead import and export data in November 2015 (unit: tonnes) 10
Table 4 Top 10 Chinese importers of lead concentrate and ore and their importing volumes in November 2015 13
Table 5 Import data about Chinese lead ore/concentrate in November 2015 13

.Asian Metal Copyright33% YOY in November 2015 10 4Asian Metal Copyright