SHANGHAI, Jan. 16 (SMM) – Top lead producers in Henan province – China’s lead production center – are discussing about a reduction in output this year with lead prices hitting new low, DZH News reported.
As China’s spot lead prices mostly stayed below 13,000 yuan per tonne since December 2014, three major lead producers in Henan’s Jiyuan City – Yuguang Gold & Lead Co., Wanyang Group, and Jinli Gold & Lead Co. – are mulling production cuts in 2015, with the specific volume to be determined in February or March, DZH News said, citing a source from Yuguang Gold & Lead.
Henan claims about 30% of China’s total lead production, and Yuguang Gold & Lead, with a capacity to produce 400,000 tonnes of refined lead per year, is China’s largest lead producer.
Gloomy outlook for global economy, political crisis in Greece and tumbling crude oil have combined with push down lead prices at the beginning of 2015. Although Shanghai Futures Exchange reported falling in lead inventories, the inventory decline was not enough to boost prices. Worse, SHFE lead stocks are showing a sign of leveling out.
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