Lead Market Report July 2017

Abstract 3
1. International market review 3
1.1 LME lead prices fluctuate at a high level in July 3
2. Chinese market review 4
2．1 Chinese lead concentrate market still sees slightly better supply in July 4
2.2 Prices for Chinese lead ingot stable 5
2.3 Operating rates of Chinese secondary lead producers increase 5
3. Data on monthly outputs 6
3.1 Statistics on China’s lead ingot output 6
3.1.Asian Metal Copyright1.Asian Metal Copyright1 China’s lead ingot output up by 7.6% MOM in July 6
3.1.Asian Metal Copyright1 Statistics on China’s lead ingot output 6 3.Asian Metal Copyright2 Lead ingot stocks held by Chinese primary lead smelters down by 9.9% MOM in late July 7
3.2 Statistics on China’s secondary lead output 8
3.2.1 Chinese secondary lead output in July basically unchanged from June 8
3.2.Asian Metal Copyright 9 Graph 13 China’s monthly lead concentrate and ore imports from Jan 2016 to Jun 2017 kt 11 Graph 14 China’s lead concentrate and ore imports by origin country from Jan 2016 to Jun 2017 kt 11 Table 1 China’s lead imports and exports in June 2017 10 Table 2 Top ten Chinese importing companies of lead ore and concentrate in June 2017 12 Table 3 China’s lead ore and concentrate imports in June 2017 12 .Asian Metal Copyright2 Chinese secondary lead smelters’ inventory down by 11.5% MOM in late July 9
4. Data on China’s lead imports and exports 9
4.1 Data on imports and exports of refined lead and lead concentrate by origin county 10
4.2 Analysis on China’s lead imports and exports data 10
4.2.Asian Metal Copyright2 Statistics on China’s secondary lead output 8 3.Asian Metal Copyright1 China’s lead concentrate and ore imports up by 39.1% MOM in June 2017 11
4.2.2 Top ten Chinese importers of lead concentrate in June 11
4.2.3 Detailed data on China’s lead ore and concentrate imports in June 12
Products：Lead ore and concentrate HS code：26070000 12
5．Company news 18
5.1 Jiangxi Copper Lead and Zinc Metal increases lead ingot output in June 18
5.2 Changjiang Metal to resume secondary lead production 18
5.3 Xinye Metal Material suspends production of crude lead 18
5.4 Nanfang Non-ferrous in low possibility to reach targeted output of lead ingot in July 19
5.5 Yongning Gold & Lead increases electrolytic lead output 19
6．Industrial new 19
6.1 1,971,200 cars sold in China in July 19
7．Market outlook 19

Graphs and tables

Graph 1 Price trend of LME three-month lead contracts from June to July 2017 (Unit: USD/t) 3
Graph 2 LME lead stock from June to July 2017 (Unit: t) 4
Graph 3 Price trend for spot lead concentrate 60%min in China from June to July 2017 (ex works) 5
Graph 4 Chinese lead ingot 99.994%min spot prices from June to July 2017 (RMB/t) 5
Graph 5 Spot price trend for secondary lead 99.97%min in China from June to July 2017 (Unit: RMB/t) 6
Graph 6 Chinese lead ingot plants’ outputs from Jan 2016 to Jul 2017 (kt) 7
Graph 7 China’s lead ingot outputs by province from Jan 2016 to Jul 2017 (kt) 7
Graph 8 Lead ingot stocks held by major Chinese primary lead smelters from Jan 2016 to Jul 2017 (t) 7
Graph 9 China’s lead ingot stocks by region from Jan 2016 to Jul 2017 (t) 8
Graph 10 China’s secondary lead outputs by month from Jan 2016 to Jul 2017 (kt) 8
Graph 11 China’s secondary lead outputs by region from Jan 2016 to Jul 2017 (kt) 9
Graph 12 Secondary lead inventory in China’s smelters from Jan 2016 to July 2017 (Unit: ton). 9
Graph 13 China’s monthly lead concentrate and ore imports from Jan 2016 to Jun 2017 (kt) 11
Graph 14 China’s lead concentrate and ore imports by origin country from Jan 2016 to Jun 2017 (kt) 11

Table 1 China’s lead imports and exports in June 2017 10
Table 2 Top ten Chinese importing companies of lead ore and concentrate in June 2017 12
Table 3 China’s lead ore and concentrate imports in June 2017 12

.Asian Metal Copyright1 1,971,200 cars sold in China in July 19 7．Market outlook 19 Graphs and tables Graph 1 Price trend of LME three-month lead contracts from June to July 2017 Unit: USDt 3 Graph 2 LME lead stock from June to July 2017 Unit: t 4 Graph 3 Price trend for spot lead concentrate 60%min in China from June to July 2017 ex works 5 Graph 4 Chinese lead ingot 99Asian Metal Copyright