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Lead Concentrates:
According to China's Non-ferrous Metals Industry Association (CNIA), China's output of lead concentrate was 75.4 kt in March, up 36% MoM. Total output was 177.1 kt during 1Q, down 8.6% YoY, an indication of low producing interest from domestic ore producers when average lead prices are near RMB 12,500/mt.
Refined Lead:
According to CNIA, China produced a total of 304.4 kt of refined lead in March, up 37% MoM, with cumulative output in 1Q at 737.6 kt, up 23.8% YoY. Both the MoM and YoY growth rates show China's refined lead output during March was high and due to strong downstream consumption from lead-acid battery manufacturers. This was the first time in several years that monthly output of secondary lead accounted for over 31% of total lead output, helping lift March lead output to some extent.
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