Imports of Lead Concentrate Fell More Than 30% in December 2022

SHANGHAI, Jan 28 (SMM) - According to the data released by the General Administration of Customs, the imports of lead concentrates in December 2022 dropped 36.97% on the month but increased 0.76% on the year to 80,200 mt in physical content. The imports totalled 1.03 million mt in physical content from January to December 2022, a year-on-year decrease of 14.61%.

Near the end of 2022, although the exchange rate of USD/CNY fell slightly, the SHFE/LME price ratio fell simultaneously. As such, in the fourth quarter of 2022, the import window of lead concentrate was closed and the imports of lead concentrate still suffered losses. However, according to SMM research, many smelters in north China, about half of the lead concentrate required for winter storage was imported in the form of long-term orders, hence the goods arrived at ports intensively in November to December 2022. Russia, the United States and Nigeria were the main importers of lead concentrate, accounting for 42.81% of the total import volume. According to SMM research, in January, lead concentrate inventory at Lianyungang port remained around 20,000 mt, and only a small amount of delayed lead concentrate arrived in January. The arrivals of lead concentrate in January may decline from the previous month.