While lead prices have returned to familiar territory on the LME, there is still little support from lead’s own industry fundamentals. The market remains firmly in surplus, most visible in the relentless upward march in LME stocks.
· US market still waiting for the next step up in demand.
· Asian ‘sponge’ absorbing most of the European excess.
Industry news
· Glencore deal moves La Oroya smelter a step nearer to restarting.
· Dongling smelter in Shaanxi to restart, small secondary in Sichuan closes.
· Ivernia restarts mill at Magellan.
· Bidding for CBH hots up between Nyrstar and Toho.
· European car sales provide encouragement, but could soon falter.
· Chinese vehicle sales race higher, US suffers February blip.
· Chinese lead-acid battery exports continue to recover.
· South Korean SLI battery exports up again in January.