SHANGHAI, Apr. 23 (SMM) --
Imports:
Lead Concentrates:
China's imports of lead concentrate were 111.6kt during March, lower than February's 118kt, but higher than 102kt during the same period last year. Cumulative imports during 1Q were 328.9kt, up 18.04% YoY. The top three countries of origin were Peru, the US, and Australia, all with greater than 30% growth rates compared to February's imports. According to a CBI survey, overall operating rates at primary lead smelters during March were higher than February, and lead concentrate supply is expected to remain tight.
Refined Lead:
China's imports of refined lead were 25kt during March, a record high for monthly imports in recent years, and in line with the market predictions. Since the domestic/LME lead price ratio has usually been beneficial for importing during 1Q, imported lead volumes should not decline from customs delays, even as the domestic/LME price ratio began falling since mid-April.  In addition, downstream lead-acid battery consumption outperformed market forecasts during 1Q, stimulating producers to import lead to meet production.

Exports:
Refined Lead:
Refined lead exports were 395mt during March, a decline to the average level of 2H 2008, indicating overseas markets remain weak.

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