Lead Ingot Hits Record under Concern for Shortage

Lead ingot price renewed record high at London Metal Exchange. The settlement price increased by US$ 50.50 to US$ 2,410.50 per tonne on Monday from Friday. The market increases the concern for short supply when shipment stop continues from Australian port and China is expected to reduce the export through tariff under growing demand for automotive battery in China. The market price could increase more. The lead ingot price increased by 40% from the beginning of the year. Lower yen exchange rate lift Japanese price. Xstrata of Switzerland announced the firm restarts the shipment from Northfleet of UK in July when the smelter can get crude lead from Mt Isa smelter of Australia, which stopped from February. However, the market price increased more due to concern for shortage. Esperance port of Western Australia keeps stopping operation after the environmental issue for lead spill in the supply chain from Magellan mine to the port. Magellan mine pleaded a force majeure. The problem could take time to solve though the state parliament started the research. Chinese government levies 10% tariff for the lead export in the month to reduce the export volume. The lower export could impact on the world supply.