Commodity Market Report
Global lead short-term outlook July 2019
Report summary
Supply worries over short-term availability of refined lead once again surfaced and propelled the lead price to a five-month high over $2100/t, before sliding back to under the critical $2000/t threshold by the end of July. LME stocks dipped to just 55kt before substantial quantities were added to stocks in the last two days of the month, taking the total back up to 79kt. The continued smelter disruption supports higher TCs but has narrowed the SHFE/LME arbitrage for Chinese concentrate imports. Much depends on whether the restart of Nyrstar's Port Pirie smelter, after its prolonged outage and force majeure, is successful.
Table of contents
- General
- India
- South Africa
- Raw materials market
- Mine production news
Tables and charts
This report includes 11 images and tables including:
- Global quarterly refined lead consumption (kt)
- Value of arbitrage to Chinese smelters was in an even lower range in July
- China's concentrate imports have increased but remain well below peak levels
- Concentrate market TCs
- Lead mine capability, market adjustment and production (kt Pb)
- Global refined lead consumption (kt Pb)
- Global lead mine production (Lead in Concentrate)
- Global refined lead production (kt Pb)
- Global primary and secondary refined lead production (kt Pb)
- Lead stocks, prices and premia
- Global lead supply and demand (kt)
What's included
This report contains:
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