Lead Market Report November 2016

Introduction 3
1 International market review 3
1.1 LME lead futures jump in November 3
2．Chinese market review 3
2.1 Chinese lead concentrate prices edge up sharply 3
2.2 Chinese lead ingot prices move up continuously 4
2.3 Chinese secondary lead prices climb 5
3 Production data 5
3.1 World supply of refined lead metal exceeds demand by 44kt in August 5
3.2 Lead production in China 6
3.2.Asian Metal Copyright6 Huaxin Lead resumes secondary lead production late November 13 6 Related industry developments 13 6.Asian Metal Copyright1 Chinese primary lead smelters’ operating rates down to 50.83% MOM in Novermber 6
3.2.Asian Metal Copyright2.Asian Metal Copyright2 Lead ingot stocks at Chinese primary lead smelters down by 40.7% MOM in late November 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 10
4.2.Asian Metal Copyright1 China’s automobile sales volume increases by 10.Asian Metal Copyright1 China’s refined lead exports down by 64.05% YOY in October 10
4.2.2 China’s lead ore/concentrate imports up by 18.4% MOM in October 2016 11
4.3 Top 10 Chinese importers for lead concentrate in October 12
5 Company News 12
5.1 Jinwang Mining to expand its lead-zinc mine and concentrator’s processing capacity 12
5.2 Huili Lead-Zinc Mining to halt lead concentrate production in mid-November 12
5.3 Changba Lead-Zinc Mining to halt production for maintenance 12
5.4 Huaxi Smelting’s lead smelter to keep at full capacity in H2 of 2017 13
5.5 Minshan Nonferrous Metal to produce around 8,500t lead ingot in November 13
5.6 Huaxin Lead resumes secondary lead production late November 13
6 Related industry developments 13
6.1 China’s automobile sales volume increases by 10.65% YOY in October 13
7 Market Outlook 13



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

Table 1 World Lead supply and consumption in 2016 5
Table 2 China’s lead import and export data in October 2016 (unit: tonne) 8
Table 3 Top 10 Chinese importers of lead concentrate and ore and their importing volumes in October 2016 12


.Asian Metal Copyright97%min on the Chinese spot market in Oct-Nov 2016 5 Graph 7 China’s major primary lead smelters’ operating rates in Jan 2015-Nov 2016 6 Graph 8 The average operating rate in lead smelters in Yunnan, Hunan and Inner Mongolia from January 2015 to November 2016 6 Graph 9 Chinese primary lead smelters’ stock at month end from January 2015 to Nov 2016 7 Graph 10 Chinese lead ingot exports from 2015 to 2016 10 Graph 11 Chinese lead oreconcentrate imports from January 2015 to October 2016 11 Graph 12 China’s imports of lead concentrate from Australia, Peru, Russia and the US from January 2015 to October 2016 11 Table 1 World Lead supply and consumption in 2016 5 Table 2 China’s lead import and export data in October 2016 unit: tonne 8 Table 3 Top 10 Chinese importers of lead concentrate and ore and their importing volumes in October 2016 12 Asian Metal Copyright