Lead Market Report September 2017

Contents
1. Monthly highlights 3
2. Company news 3
2.1 Fengyue Science & Technology halts lead ingot production 3
2.2 Longtianyong Nonferrous to resume lead ingot production in late September 3
2.3 Gang’an Non-ferrous realizes full capacity in August 3
2.4 Hechi Nanfang Non-ferrous Metallurgy increases lead ingot output 3
2.5 Fujia Nonferrous Metals reduces lead ingot output 3
2.6 Camel Group has annual waste battery recycling capacity of 100,000t 3
2.7 Zhenyu Renewable Resources commences trial production of secondary lead 4
2.8 Qinghai Xiyu Nonferrous Metal passes acceptance in lead comprehensive recycling and smoke deep treatment technology project 4
2.9 Canadian Zinc releases drilling update on Lemarchant Zn-Cu-Pb deposit 4
3. Chinese market review 4
3.1 Financial review 4
3.2 Treatment charges for lead concentrate down 4
3.3 Chinese primary lead prices up straightly 5
3.4 Chinese secondary lead output up substantially 6
4. International market review 6
4.1 Financial review 6
4.2 LME lead prices up sharply in September 6
5. Monthly output analysis 7
5.1 Statistics of Chinese primary lead output 7
5.1.Asian Metal Copyright994%min RMBt 6 Graph 3 Spot price trend for Chinese secondary lead 99.Asian Metal Copyright1 Chinese primary lead output down by 1.3% MOM in September 7
5.1.Asian Metal Copyright2.Asian Metal Copyright2 Lead ingot stocks at Chinese primary lead smelters down by 6.9% MOM in late September 8
5.2 Statistics of Chinese secondary lead output 9
5.2.Asian Metal Copyright5 Fujia Nonferrous Metals reduces lead ingot output 3 2.Asian Metal Copyright1 Chinese secondary lead output up by 18.1% MOM in September 9
5.2.Asian Metal Copyright International market review 6 4.Asian Metal Copyright2 China’s secondary lead smelters’ stocks up by 10.8% MOM in late September 9
6. Import and Export data analysis 10
6.1 Data on imports and exports of refined lead and lead concentrate by origin country in August 10
6.2 China’s lead concentrate and ore imports analysis 10
6.2.2 Top ten Chinese lead concentrate importers in August 11
6.2.3 Imports of Chinese lead concentrate and ore in August 2017 11
7． Related industrial news 12
7.1 Cars sold in September up by 5.Asian Metal Copyright1% MOM in September 9 5.Asian Metal Copyright66% YOY to 2.7091 million 12
8．Market outlook 13

Graph 1 Price trend for spot lead concentrate 60%min in China from Aug to Sep 2017 (RMB/metal ton ex works) 5
Graph 2 Spot price trend for Chinese lead ingot 99.994%min (RMB/t) 6
Graph 3 Spot price trend for Chinese secondary lead 99.97%min (RMB/t) 6
Graph 4 Price trend of three-month LME lead from Aug to Sep (USD/t) 7
Graph 5 Stocks of three-month LME lead from Aug to Sep 7
Graph 6 Chinese primary lead smelters’ output by month from Jan 2016 to Sep 2017 (Unit: 10kt) 7
Graph 7 Chinese primary lead output in some regions by month from Jan 2016 to Sep 2017 (Unit: 10kt) 8
Graph 8 Lead ingot inventories held by the Chinese primary lead smelters between Jan 2016 and Sep 2017 (Unit: tonne). 8
Graph 9 Primary lead inventories by region between Jan 2016 and Sep 2017 (Unit: tonne). 8
Graph 10 Chinese secondary lead output by month from Jan 2016 to Sep 2017 (Unit: 10kt) 9
Graph 11 China’s secondary lead stocks by region from Jan 2016 to Sep 2017 (10kt) 9
Graph 12 Secondary lead stocks in China’s smelters from Jan 2016 to Sep 2017 (Unit: ton) 9
Graph 13 China’s lead concentrate and ore imports from Jan 2016 to Aug 2017 (Unit: kt) 11
Graph 14 China’s lead concentrate and ore imports from Australia, Peru, Russia and USA from Jan 2016 to Aug 2017: (Unit: kt) 11

Table 1 China’s lead imports and exports in Aug 2017 10
Table 2 Top ten Chinese lead concentrate importers in August (Unit: ton) 11
Table 3 Imports of Chinese lead concentrate and ore in Aug 2017 11




.Asian Metal Copyright4 Chinese secondary lead output up substantially 6 4Asian Metal Copyright