Second-quarter production figures have confirmed that world mine output was insufficiently strong to rebuild pipeline stocks, meet Western smelters’ requirements and feed Chinese smelters’ needs. Chinese smelters suffered most, with output falling between May and June (and possibly slipping further in July).
Lead TCs fall towards zero
Unconfirmed rumours are circulating of some very low spot TCs as Chinese smelters continue to scrabble for any available feed.