Lead Market Report February 2016

Introduction 3
1. International market review 3
1.1 LME lead futures rise in January 3
2．Chinese market review 3
2.1 Chinese lead concentrate trading dull in February 3
2.2 Chinese lead ingot market flat 4
2.3 Chinese secondary lead market dull and prices firm 4
3 Production data 5
3.1 World supply of refined lead metal exceeds demand by 63kt during 2015 5
3.2 Lead production in China 6
3.2.Asian Metal Copyright2.Asian Metal Copyright1 Chinese primary lead smelters’ operating rates down to 57.92% MOM in February 6
3.2.Asian Metal Copyright96% MOM in January 9 4.Asian Metal Copyright2 Lead ingot stocks at Chinese primary lead smelters up by 56.85% MOM in late February 2016 7
4. Import & Export data in China 8
4.1 Lead import and export data in China by country 8
4.2 Analysis of lead import & export data 9
4.2.Asian Metal Copyright1 Qingchengzi Mining’s lead-zinc mine to resume production in early March 11 5.Asian Metal Copyright1 China’s refined lead exports down by 38.96% MOM in January 9
4.2.2 China’s lead ore/concentrate imports down by 49.7% MOM in January 2016 9
4.3 Top 10 Chinese importers for lead concentrate in January 10
5 Company News 11
5.1 Qingchengzi Mining’s lead-zinc mine to resume production in early March 11
5.2 Anyang Minshan’s lead smelter resumes production on February 15th 11
5.3 Yingde Xinyu Non-ferrous Metals halts secondary lead production on January 28th 11
6 Related industry developments 11
6.1 China’s automobile sales volume increases by 7.72% year-on-year in January 11
7 Market Outlook 12

Graph 1 The price graph of lead futures on the LME in Jan-Feb 2016 3
Graph 2 Lead ingot inventories in LME warehouses in Jan-Feb 2016 3
Graph 3 Lead concentrate 60%min prices on the Chinese spot market in Jan-Feb 2016 4
Graph 4 Lead ingot 99.994%min prices on the Chinese spot market in Jan-Feb 2016 4
Graph 5 Prices for secondary Lead 98%min VAT excluded on Chinese market in Jan-Feb 2016 5
Graph 6 Prices for secondary Lead 99.97%min on the Chinese spot market in Jan-Feb 2016 5
Graph 7 China’s major primary lead smelters’ operating rates in Jan 2015-Feb 2016 6
Graph 8 The average operating rate in lead smelters in Henan, Hunan and Yunnan from January 2015 to February 2016 6
Graph 9 Chinese primary lead smelters’ stock at month end from January 2015 to February 2016 7
Graph 10 Chinese lead ingot exports from 2015 to 2016 9
Graph 11 Chinese lead ore/concentrate imports from January 2015 to February 2016 9
Graph 12 China’s imports of lead concentrate from Australia, Peru, Russia and the US from January 2015 to February 2016 10

Table 1 World Lead supply and consumption in 2015 5
Table 2 China’s lead import and export data in January 2016 (unit: tonne) 8
Table 3 Top 10 Chinese importers of lead concentrate and ore and their importing volumes in January 2016 10

.Asian Metal Copyright1 Chinese primary lead smelters’ operating rates down to 57Asian Metal Copyright