SHANGHAI, Jul 9 (SMM) – China produced 282,800 mt of primary lead in June, up 7.15% from May, and up 5.13% from a year ago. For January-June, output rose 6.56% from the same period last year. Production capacities of enterprises involved in the survey stand at 5.48 million mt in total in 2021.
According to the SMM survey, the output of primary lead increased month on month in June, which was in line with the expectations of the previous report. Most primary lead smelting enterprises completed maintenance in June. For example, Henan Jinli, Yunnan Chihong, Haicheng Chengxin and other enterprises resumed their production. At the same time, the impact of power curtailment in Yunnan and Hunan was lifted, and the output of some smelting enterprises recovered. During the period, due to tight supply of lead concentrate and routine maintenance, some smelting companies slightly lowered their output, but this did not affect the overall output growth.
Output of primary lead is expected to increase steadily in July. The trend of overseas lead prices was strong, the ratio of SHFE lead to LME lead narrowed with expanding import loss, and the shipping factor did not be resolved. Lead concentrates are expected to maintain a tight balance. Output of some lead smelters in Yunnan and Hunan will drop slightly. The maintenance of Chifengshan Jinhongling and Yunnan Red Lead is about to be completed, and this part of the reduction is expected to be repaired. In addition, silver prices improved, and the silver output of some smelting companies gradually increased, which also lifted up the output of lead ingots. SMM expects China's primary lead output to increase slightly to 284,000 mt in July.
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