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China Lead Closures Risk Supplies in 4th Quarter, Barclays Says

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SHANGHAI, Aug. 27 -- Closure of smaller Chinese lead smelters may tighten supplies during peak demand periods such as the fourth quarter, Barclays Capital said.
&nbsp;&nbsp;&nbsp; &quot;The risk comes from extended temporary or permanent closures of smaller, more polluting smelters as the government may want to be seen as being proactive,&quot; Barclays analysts led by Gayle Berry wrote in an e-mailed report. &quot;Given that these smelters can be an important source of supply in periods of peak seasonal demand this could make the market feel much tighter going into the fourth quarter.&quot;
&nbsp;&nbsp;&nbsp; Lead, used in car batteries, has doubled this year and jumped 10 percent this week on concern shutdowns at Chinese smelters may spread due to incidences of lead poisoning. The lead industry in China is fragmented, with the top five producers accounting for 24 percent of the nation's annual total, according to Beijing Antaike Information Development Co.
&nbsp;&nbsp;&nbsp; &quot;Concerns linger, though we'll need to see how many more closures there will be and how soon,&quot; Judy Zhu, a commodity analyst at Standard Chartered Bank, said from Shanghai today. Sales of autos, which use lead in batteries, usually gain in the fourth quarter, she added.
&nbsp;&nbsp;&nbsp; Two smaller smelters in Shaanxi and Hunan have been closed after more than 2,000 children living nearby were found to have above-normal levels of lead in their blood, the Xinhua News Agency said last week.
&nbsp;&nbsp;&nbsp; The governments of Henan and Hunan provinces, the country's two largest lead-making regions, have stepped up inspections of metal producers, China Business News reported today.
&nbsp;&nbsp;&nbsp; Shutdowns 
&nbsp;&nbsp;&nbsp; A few small lead smelters with annual capacity of 20,000 metric tons to 30,000 tons have been ordered to shut in western Hunan, the Chinese-language paper said, citing an unnamed official from the provincial government.
&nbsp;&nbsp;&nbsp; The Henan government pledged to close producers that operate without government approval and to move those that pose risks to the surrounding environment, the paper said, citing unidentified officials. It didn't say whether any Henan plants had been closed.
&nbsp;&nbsp;&nbsp; Henan Jinli Lead Group has suspended 60,000 metric tons of outdated production capacity, a company official said Aug 25. A further 60,000 tons has been shut in Jiyuan city, Henan province, she said, adding she wasn't aware of other closures in the region.
&nbsp;&nbsp;&nbsp; China had around 2.1 million tons of outdated lead-making capacity at the end of 2008, of which the government aims to eliminate 600,000 tons this year, according to an industry stimulus plan issued early this year.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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China Lead Closures Risk Supplies in 4th Quarter, Barclays Says | Shanghai Non ferrous Metals

China Lead Closures Risk Supplies in 4th Quarter, Barclays Says

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