SHANGHAI, Sep 8 (SMM) — SMM data showed that China produced 285,000 mt of primary lead in August, up 9.99% from July, and up 12.01% from a year ago. For January-August, output increased 4.44% from the same period last year.
SMM survey showed that smelters including Henan Jinli, Guangxi Nanfang and Western Mining undertook maintenance due to equipment breakdown in August, while other primary lead smelters maintained stable production and smelters including Henan Yuguang Yunnan Chihong recovered production from maintenance.
Lead prices surged in August, and the most-traded contract once reached a new high in the year, standing at 16,585 yuan/mt. The profit of smelters increased sharply, and silver prices also went up during the period. The improved profit drove smelters enthusiasm for production. The output was higher than expectations in August, with an increase of over 20,000 mt.
SMM expects China's primary lead output to fall by about 10,000 mt to 274,000 mt in September.
More large-scale smelters will undertake maintenance. Western Mining will conduct maintenance from August to September, Zhongjin Lingnan will have a minor inspection of equipment, and Haicheng Chengxin will undertake maintenance from September to October. Output is expected to decline in September.
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