Commodity Market Report
Global zinc investment horizon outlook Q3 2023
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Global zinc demand growth is set to contract for a second consecutive year in 2023. With a muted recovery in Chinese demand failing to offset a sharp downturn in European demand. However, in the medium term demand will recover, driven primarily by India and other Asian nations. Meanwhile, we forecast only a slight rise in mine output this year, much less than expected at the beginning of 2023 due to several major disruptions to mines supply. This is set to change in 2024.
Table of contents
- Medium term forecasts
- Long term forecasts, base case and high-low thresholds
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Overview
- Medium term outlook
- China
- Europe
- USA
- India
- Pakistan
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Changes to forecast zinc consumption since previous quarter
- Market adjustments
- Mine projects
- Downgrades to project status include:
- Medium-term supply and investment considerations
- Limited pool of advanced stage projects may require alternative sources of new supply
- Germanium and Gallium may become critical
- Juniors attracting small amounts of finance
- Stricter limits on Chinese concentrate imports
- 11 more item(s)...
- India
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China
- Europe
- North America
Tables and charts
This report includes the following images and tables:
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Price forecasts and refined market balancesConcentrate market balances tableThe zinc market is facing substantial surpluses in the concentrate and metal markets for the medium term
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Macro economic concerns and rising metal stocks will weigh on the zinc price in the medium termCost price relationships are used to forecast long-term pricesThe relative strength of the dollar plays a key role in influencing the zinc priceRequirement for new mine productionNear- to medium-term price scenario price forecastsScenario prices and refined stocks in days of global consumptionGlobal zinc consumption by regionLong term growth in zinc consumption will be driven by AsiaGlobal zinc consumption is dominated by China
- 24 more item(s)...
What's included
This report contains:
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