SHANGHAI, Jul. 27 (SMM) – Lead concentrate imports in China hit this year’s low in June, according to data from China Customs.
Imported lead concentrate totaled 103,700 mt in June, slipping 33.64% YoY and falling 22% from May’s 133,000 mt.
Demand for concentrate from lead smelters plunged in June. Many primary lead smelters conducted maintenance in June due to slipping lead prices and sluggish downstream consumption on lead-acid batteries. Operating rate at primary lead smelters was cut to 58.3% in June, cutting demand for concentrate.
SMM/LME lead price ratio turned favorable to imports late May. SMM estimated that average profit for imported concentrate was 136 yuan per tonne (Pb Content) versus domestic materials, much better than April’s losses of 400 yuan per tonne (Pb Content). But it took days for the shipment to arrive to China. Thus some imports might fail to reach China in June.
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