SHANGHAI, Jul. 25 (SMM) – China Customs reported no refined lead import in June, while YTD imports through June tumbled 88.36% YoY to a mere 483 mt.
China’s monthly lead imports in H1 averaged 81 mt, a historic low, since the Shanghai/LME lead price ratio around 6.5 left little profit for importing refined lead, and since domestic lead supply has outstripped lead demand in the first six months.
ILZSG data revealed that the surplus in China’s refined lead markets climbed from January’s 31,000 mt all the way to 65,000 mt in March. Despite a marginal pullback, a glut of 49,000 mt in refined lead was still reported in May.