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 China’s lead oreconcentrate imports down by 49.Asian Metal Copyright1 Chinese primary lead smelters’ operating rates down to 57.92% MOM in February 6
3.2.Asian Metal Copyright994%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.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 Copyright2 China’s lead oreconcentrate imports down by 49.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

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