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China Lead Stocks Cross 100,000 mt in Aug on More Output, Imports

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HONG KONG, Aug. 5 -- Chinese refined lead stocks at privately-owned warehouses crossed 100,000 mt August 4, on increased domestic lead output and higher imports, according to industry sources. 
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&nbsp;&nbsp;&nbsp; Refined lead stocks were in the range of 50,000-60,000 mt over January-March this year, industry sources said Tuesday. 
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&nbsp;&nbsp;&nbsp; China imported 127,607 mt of refined lead in the first half of this year, &quot;up more than four times the total import volume in 2008, of around 30,000 mt,&quot; one source said, but declined to forecast imports for the full year. 
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&nbsp;&nbsp;&nbsp; China produced 1.71 million mt of refined lead in H1 2009, up 20% year on year, state statistics showed. The source forecasts total domestic refined lead output this year to be 3.25 million mt or more. Total refined lead output in 2008 was 3.20 million mt. 
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&nbsp;&nbsp;&nbsp; The source said the depreciation of the US dollar against the yuan, as well as the price gap between spot Chinese refined lead and international prices, have spurred traders to import. 
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&nbsp;&nbsp;&nbsp; Chinese local refined lead spot prices were Yuan 13,800/mt ($2,020/mt) on Monday, up Yuan 100/mt from Friday. The LME three-month official lead offer prices hit $1,954/mt Monday, up from $1,862/mt last Friday. 
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&nbsp;&nbsp;&nbsp; Average LME spot lead prices in July were $1,656.87/mt, lower than Chinese spot lead prices ranging from Yuan 13,000-13,800/mt ($1,912-2,020/mt) in the same month. 
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&nbsp;&nbsp;&nbsp; Meanwhile, despite the high stock levels in China, local smelter sources said it would not have too much of a negative impact on local refined lead prices. 
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&nbsp;&nbsp;&nbsp; &quot;We don't think the high local lead inventories would push down domestic lead prices as the relaxed monetary policy this year will stimulate lead consumption,&quot; the source said. 
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&nbsp;&nbsp;&nbsp; A commodity analyst with Galaxy Securities in Beijing said, &quot;The global economic condition played a more vital role in determining international and Chinese lead prices than did stock levels.&quot; 
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&nbsp;&nbsp;&nbsp; As of July 30, LME lead stocks were 104,950 mt.&nbsp; 
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&nbsp;&nbsp;&nbsp; First-half 2009 lead exports by China were only 8,351 mt, down 73% year on year.
&nbsp;&nbsp;&nbsp; (Source: Platts)
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China Lead Stocks Cross 100,000 mt in Aug on More Output, Imports | Shanghai Non ferrous Metals

China Lead Stocks Cross 100,000 mt in Aug on More Output, Imports

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