SMM Analysis Of China Lead Concentrate Imports In October And November

According to customs data, China’s import volume of lead concentrate in October 2023 was 97,500 mt, a month-on-month decrease of 8.93%, and a year-on-year increase of 63.64%. The total imports in the first 10 months were 1.0016 million mt, a year-on-year increase of 21.75%.

Russia, the US and Vietnam were the top three suppliers in October, collectively contributing to 63.3% of China’s total imports. The SHFE/LME lead price ratio fell back in late October, and overseas supply tightened, leading to decline in China’s import volume of lead concentrates in October.

TCs of imported lead concentrates fell notably compared to TCs under long-term contracts signed early this year. Moreover, the import window has been closed for a prolonged period of time this year. Consequently, trades were sluggish and wait-and-see sentiment was prevailing.

While a stronger RMB since late November might favour imports, insufficient lead concentrates available in the market might still constrain imports.