Still-strong Chinese imports keep spot lead TCs low

摘要

Chinese smelters continue to dominate the spot market for lead concentrate and, in doing so, setting terms. Displaced lead concentrate is almost invariably taken by Chinese smelters, which have imported 174,683t (32 percent higher than the corresponding period of 2003) from the West during the first four months of this year. Terms remain in the 50 dollars s/t flat (i.e. with no price participation). These terms are clearly attractive to Western mines supplying Chinese smelters. Doe Run has had a little extra lead concentrate to sell, material freed up during maintenance at the Herculaneum smelter, and it is in no mind to restart its Glover smelter in the near future. Peruvian miners and traders have also been attracted to such terms. Peruvian exports of lead concentrate to China increased by 178 percent, year on year, to 114,008t in the first four months of this year. Exports increased by 56 percent to 137,894t in total, China therefore accounting for 83 percent.