Lead Market Report December 2014

Introduction 5
1 Financial overview 5
1.1 Domestic financial overview 5
1.1.Asian Metal Copyright6% 8 1.Asian Metal Copyright1 CPI up by 1.Asian Metal Copyright63% MOM in December 22 4.Asian Metal Copyright4% and PPI down by 2.7% YOY in November 5
1.1.Asian Metal Copyright8% MOM by the end of December 25 4.Asian Metal Copyright2 PMI down by 0.2% in December 6
1.2 International financial overview 7
1.2.1 Crude oil futures prices continued to slide 7
1.2.2 The US dollar remained strong in December 8
1.2 International financial overview 8
1.2.Asian Metal Copyright8 Lead ingot stocks at Chinese primary lead smelters up by 53.Asian Metal Copyright1 Crude oil futures prices tumbled by 18.6% 8
1.2.2 US dollar index slightly climbs in December 9
2. International Market Review 10
2.1 Lead futures slump on LME during December 10
2.2 North American lead market flat in December 11
2.3 North American spent lead acid battery supply surplus in Decmber 12
3. Chinese market review 12
3.1 Chinese lead concentrate still in short supply but prices continue to rise in December 12
3.2 Chinese lead ingot prices plummet in December 13
3.3 Secondary lead prices decline sharply in December 14
3.4 Recycled lead battery trading falls into stagnation in December 17
3.5 Lead acid battery producers reduce production in December 19
4. Production Data 20
4.1 World supply of refined lead metal exceeds demand by 15kt Jan-Oct 2014 20
4.2 Lead production in China 21
4.2.Asian Metal Copyright2 North American lead market flat in December 11 2.Asian Metal Copyright1 China’s lead concentrate output down by 15.43% YOY in November 2014 21
4.2.Asian Metal Copyright6% 8 1.Asian Metal Copyright2 China’s refined lead ingot production up by 6.52% MOM in November 2014 22
4.2.Asian Metal CopyrightIntroduction 5 1 Financial overview 5 1.Asian Metal Copyright3 Chinese primary lead smelters’ lead ingot output down by 3.63% MOM in December 22
4.2.4 Secondary lead output of Chinese medium- to large-scale smelters down by 23% MOM in December 24
4.2.Asian Metal Copyright3 Baiyinnuoer Lead-Zinc Mine halts production temporarily 35 7.Asian Metal Copyright6 Recycled lead battery inventories held by Chinese medium-to-large secondary lead smelters down by 2.8% MOM by the end of December 25
4.2.7 Chinese medium- to large smelters’ secondary lead stocks up by 25% MOM in late December 26
4.2.Asian Metal Copyright2 International financial overview 7 1.Asian Metal Copyright8 Lead ingot stocks at Chinese primary lead smelters up by 53.56% MOM late December 2014 27
5. Import and export data in China 28
5.1 Lead import and export data in China by country: 28
5.2 Analysis of lead import & export data 29
5.2.1 China’s lead ore/concentrate imports up by 54.01% YOY in November 2014 29
5.2.Asian Metal Copyright7 Chinese medium- to large smelters’ secondary lead stocks up by 25% MOM in late December 26 4.Asian Metal Copyright2 China’s refined lead exports up by 108.95% YOY in November 2014 32
5.3 Top ten Chinese lead ore/concentrate importers in November 2014 32
5.4 Chinese lead acid battery exports up by 8.7% MOM in November 33
6. Company News 34
6.1 Yindu Mining’s lead-zinc-silver mine halts production 34
6.2 Tongguan cuts lead ingot production in December 34
6.3 Baiyinnuoer Lead-Zinc Mine halts production temporarily 35
7. Related industry Developments 35
7.1 China’s automobile output and sales volumes continue to rise slightly in November 35
8． Market Outlook 35

.Asian Metal Copyright43% YOY in November 2014 21 4Asian Metal Copyright