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有色金属周报(铅):原料持续偏紧,铅价下方空间有限-20250805
Hong Yuan Qi Huo· 2025-08-05 04:03
1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The raw material - lead concentrate remains in short supply. The processing fees for domestic lead concentrates rich in gold, silver and high - silver content silver - lead ores have decreased, and the supply of imported lead concentrates rich in precious metals and small metals is tight with a significant decline in tender prices. The supply of scrap batteries is still tight, but as the lead price drops, the losses of secondary lead smelters widen, and the scrap battery prices have loosened [3]. - On the supply side, the primary lead smelters that had undergone maintenance are resuming production. For secondary lead, the start - up rate is slowly increasing with the expectation of the peak season, but the raw material price decline is less than that of the lead price, and the uncertainty of smelter start - up is high [3]. - On the demand side, the downstream shows a differentiated trend. The demand for electric bicycles is good, and enterprises are increasing their purchases of lead ingots. The export of lead - acid batteries for complete vehicles is affected by weak demand and tariffs, and the start - up rate has not improved significantly [3]. - In terms of trading and inventory, the price of secondary lead is inverted compared with electrolytic lead, and downstream buyers prefer electrolytic lead. Although the inventory of secondary lead plants is decreasing, the overall social inventory of lead ingots is still increasing [3]. - Considering the support from the raw material side, it is expected that the short - term decline space of the lead price is limited, and the operating range is expected to be between 16,500 - 17,500 yuan/ton. Continued attention should be paid to the start - up situation of secondary lead smelters under the conditions of cost inversion and raw material shortage [3]. 3. Summary According to the Catalog 3.1 Market Review - **Price Changes**: The average price of SMM1 lead ingots decreased by 1.19% to 16,550 yuan/ton week - on - week. The closing price of the main contract of Shanghai lead futures decreased by 1.30% to 16,735 yuan/ton. The closing price (electronic trading) of London lead decreased by 2.30% to 1,974 US dollars/ton [12]. - **Basis**: No specific analysis of the basis is provided in the text other than showing the historical basis data graphs. 3.2 Raw Material Situation - **Lead Concentrate**: The domestic lead concentrate processing fee remained flat at 500 yuan/metal ton week - on - week, and the imported lead concentrate processing fee remained flat at - 60 US dollars/dry ton. The expectation of tight concentrate supply remains unchanged, and the TC quotation is stable with a weakening trend. As of July 25, the smelter profit (excluding by - product revenues such as zinc and copper) was 101.5 yuan/ton [25]. - **Scrap Batteries**: As of August 1, the average price of scrap batteries was 10,200 yuan/ton, a week - on - week decrease of 50 yuan/ton. As the lead price dropped, the losses of smelters widened, and the scrap battery prices slightly followed the downward trend [39]. 3.3 Supply Side - **Primary Lead**: The start - up rate of primary lead increased to 63.9% week - on - week. The total weekly output of major primary lead smelters increased from 46,875 tons in the week of July 25 to 51,325 tons this week, mainly due to the resumption of production after maintenance in some regions [26][31]. - **Secondary Lead**: The start - up rate of secondary lead increased by 3.7 percentage points to 44.4%. As of last Friday, the weekly output of secondary lead was 47,500 tons, showing an upward trend. A large - scale smelter in Inner Mongolia resumed production and increased output, driving the significant increase in the start - up rate. However, the supply of scrap batteries is still tight, and some smelters said they would stop production when the raw materials are insufficient to support production [49]. 3.4 Demand Side The start - up rate of lead - acid batteries remained flat at 71.86%. The electric bicycle industry has entered the traditional peak season, and some enterprises have increased production and built inventories. Especially after the lead price dropped, the purchasing enthusiasm improved significantly. The production of automotive lead - acid batteries is mainly based on sales [55]. 3.5 Import and Export - As of July 25, the export of refined lead suffered a loss of about 2,300 yuan/ton. As of August 1, the import profit was - 528.2 yuan/ton, and the import profit window was closed [65]. 3.6 Inventory - **Domestic Social Inventory**: As of July 31, the total social inventory of lead ingots in five locations was 73,000 tons, showing an increase. Although the inventory of mainstream smelters decreased, the overall social inventory increased due to the phased increase in supply [75]. - **Exchange Inventories**: As of August 1, the SHFE refined lead inventory was 63,300 tons, showing a week - on - week increase. As of July 31, the LME inventory was 275,300 tons, also showing an increase [78]. - **Monthly Supply - Demand Balance Sheet**: The table shows the production, export, import, consumption and inventory data of primary lead and secondary lead from August 2024 to June 2025, reflecting the supply - demand relationship and inventory changes in different months [79].
半年度策略报告:原料不确定性较强,下方支撑稳固-20250702
Hong Yuan Qi Huo· 2025-07-02 07:05
Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - In the second half of the year, the lead market will see an increase in both supply and demand. The raw material issue remains a crucial factor influencing lead price trends. Without significant contradictory stimuli, the lead price is expected to trade within a range of 16,500 - 18,000 yuan/ton. Continued attention should be paid to raw material - end changes and macro - policy guidance [2][98][99] Group 3: Summary According to the Table of Contents 1. Lead Market Review: Long "N" Trend - In Q1, driven by macro - sentiment and tight raw materials, the lead price center shifted upwards. In January, due to environmental protection restrictions and weak demand, the lead market was in a state of weak supply and demand. After the Spring Festival, the lead price rose but faced resistance due to low downstream acceptance. In March, with the recovery of supply and positive policies, the lead price fluctuated upwards [8] - In Q2, affected by tariff disturbances, the lead price was low at first and then high. In late March, due to supply - side factors and concerns about the off - season, the lead price declined. In early April, trade frictions caused the lead price to drop. Later, the lead price traded within a narrow range due to the contradiction between tight raw materials and weak demand. In mid - to late June, the lead price broke through the 17,000 yuan/ton mark [9] - As of June 30, the average price of SMM1 lead ingots was 16,950 yuan/ton, up 1.35% from the end of last year and down 11.49% from the same period last year; the average price of recycled refined lead was 16,875 yuan/ton, up 0.45% from the end of last year and down 11.88% from the same period last year. As of June 27, the closing price of the SHFE lead main contract was 17,125 yuan/ton, up 2.15% from the end of last year and down 11.91% from the same period last year; the closing price of LME three - month lead (electronic trading) was 2,041.5 US dollars/ton, up 4.61% from the end of last year and down 8.10% from the same period last year [10] 2. Raw Materials & Profits: Strong Cost Support (1) Primary Lead: Tight Lead Concentrate Supply with No Improvement in TC - As of June 27, the average price of domestic lead concentrate was 16,450 yuan/ton, up 2.33% from the end of last year and down 11.32% from the same period last year; the average price of imported lead concentrate was 16,597.68 yuan/ton, up 5.65% from the end of last year and down 2.58% from the same period last year [22] - ILZSG data shows that from January to April 2025, the cumulative global lead concentrate production was 1.4324 million tons, a cumulative year - on - year increase of 3.51% (+48,600 tons). In China, domestic mines mainly resumed production with obvious increments. From January to May 2025, the cumulative production of Chinese lead concentrate was 633,900 tons, a cumulative year - on - year increase of 12.61% (+71,000 tons) [28] - For imported ores, overseas mine production was lower than expected, and the import supplement was relatively limited. From January to May 2025, the cumulative import of lead concentrate was 552,700 tons, a cumulative year - on - year increase of 32.05% (+134,100 tons). The main sources of imported goods were Russia (29%), Peru (9%), Australia (9%), the United States (7%), and Turkey (5%) [29] - As of the end of May, the raw material inventory of primary lead smelters was 389,300 tons, with raw material days of about 25 days, at a relatively high level. As of June 20, the primary lead smelting profit (processing) turned positive to 29.4 yuan/ton [41][42] (2) Recycled Lead: Limited Supply and Rising Scrap Battery Prices - At the beginning of the year, the scrap battery price was stable, and the recycled lead profit was acceptable. Since mid - March, with the increase in smelter production and the arrival of the scrap battery off - season, the scrap battery price was prone to rise and difficult to fall, and the recycled lead profit declined significantly [48] - As of June 30, the average price of scrap batteries was 10,275 yuan/ton, up 3.01% from the end of last year and down 11.80% from the same period last year; the comprehensive cost of large - scale recycled lead enterprises was 17,279 yuan/ton, up 4.20% from the end of last year and down 8.39% from the same period last year; the comprehensive cost of small - and medium - scale recycled lead enterprises was 17,506 yuan/ton, up 4.30% from the end of last year and down 8.58% from the same period last year [48] 3. Supply Side: One Increase and One Decrease (1) Primary Lead: Rising Production - ILZSG data shows that from January to April 2025, the cumulative global refined lead production was 4.3916 million tons, a cumulative year - on - year increase of 2.08% (+89,300 tons). From January to May 2025, the cumulative production of Chinese refined lead was 1.5651 million tons, a cumulative year - on - year increase of 8.42% (+121,500 tons) [64] (2) Recycled Lead: Volatile Production - Affected by raw materials and environmental protection factors, the production of recycled lead enterprises fluctuated greatly in the first half of the year. From January to May 2025, the cumulative production of Chinese recycled lead was 1.347 million tons, a cumulative year - on - year decrease of 1.61% (-22,100 tons) [70] 4. Demand Side: Off - Season Conditions (1) Slow Downstream Purchasing in the Off - Season - In the first half of the year, with subsidy policies such as trade - in, the operating rate of lead - acid battery enterprises was acceptable. In the off - season of lead - acid battery consumption, the demand weakened, but policies and "rush - to - export" under tariff disturbances alleviated some concerns [76] - Many provinces and cities have introduced electric bicycle trade - in policies, which have a positive impact on the demand for lead - acid batteries [79][80][83] (2) Continuous Closure of Export Windows - As of June 27, the profit of exporting lead ingots to Taiwan was - 2,392.94 yuan/ton, and the profit of exporting to Southeast Asia was - 2,464.55 yuan/ton. From January to May 2025, the cumulative export volume of lead ingots was 20,753 tons, a cumulative year - on - year increase of 43.53% (+6,294 tons). The cumulative export volume of Chinese lead - acid batteries was 94.2984 million units, a cumulative year - on - year decrease of 3.24% (-3.1552 million units) [84] 5. Inventory and Supply - Demand Balance - The lead ingot inventory fluctuated and increased. As of June 30, the total social inventory of SMM lead ingots in five locations was 56,300 tons, up 6.03% from the end of last year and down 9.05% from the same period last year [86][87] 6. Market Outlook and Investment Strategy - In the second half of the year, the macro - environment is favorable. The raw material remains a key factor in determining the lead price. The production of primary lead is expected to increase steadily, while the production of recycled lead is uncertain. The demand is expected to improve steadily [98] - Overall, the lead market will see an increase in both supply and demand in the second half of the year. Without significant contradictory stimuli, the lead, price is expected to trade within a range of 16,500 - 18,000 yuan/ton [99]