Lead (Pb) has really been on a tear recently, as this chart clearly shows.
Yet another sharp jump on the LME this morning moved it up to U$1.12 and bits per pound, this despite inventory levels that are now touching five year highs.
The absolute amount of outage in China is difficult to gauge (and if the local China experts are guessing , that means your humble correspondent has zipsquat idea) but it's clearly larger than DRP, which in itself produces 3.1% of world mined lead per annum (using 2008 figures) and around 1.4% of total world supply (the big difference explained by the fact that a lot of lead is recycled).
So moving forward, word of smelters reopening in either place will move the market more than end demand numbers, at least in the short term. DYODD.