Electrolytic lead inventory at warehouses designated by London Metal Exchange (LME) exceeded 150,000 tonnes for the first time since October 2003. However, LME lead price reached US$ 2,500 per tonne, the highest level in recent 2 years, due to low inventory in Asian countries and supply concerns in China. LME lead price is pulled up by Asian market conditions despite of inventory expansion in the USA and Europe.
LME lead inventory totaled 150,100 tonnes on January 8th, increasing by 725 tonnes from the previous day. The inventory increased by approximately 7,000 tonnes during December 2009. On the other hand, LME lead settlement surged to US$ 2,576 per tonne on January 11th, the strongest level since March 2008. At Asian 4 warehouses, LME lead inventory totaled 4,975 tonnes, 3% in the global sum. Asian inventory has kept low for a year or more with strong demand from China. At present, additional supply tightness is concerned in the region. In China, lead mines and smelters are suspended due to traffic troubles caused by cold weather. Another factor is reemergence of a pollution trouble in China. At the yearend, several lead related plants were shut down or suspended in Guangdong and Jiangsu. In September 2009, many lead smelters were closed in Shaanxi and other provinces, whose output capacity totaled 100,000 tonnes per annum.Japan Steel Scrap Composite Prices (Sangyo Press)
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