Commodity market report

Global zinc short-term outlook April 2017

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Report summary

Treatment charges for this year's largest Asian and European annual contracts have been agreed. The 2017 terms represent a historically low value share of the paid zinc base price. Teck has reduced its production guidance for the Red Dog mine in Alaska. The company now projects that output will be some 70kt lower than previously forecast. Meanwhile China Minmetals plans to shut Zhuzhou the world's fourth largest smelter and the smaller Shuikoushan smelter. It is to only partially replace the 500kt/a of lost capacity. The whole of the base metals complex came under pressure this month and as a consequence the price of zinc drifted to its lowest level since the beginning of the year. The zinc price ended the month at just over $2600/t 5% lower than the end of March. With cash to three months spreads once again narrowing there is near term upside risk to the price.

What's included

This report contains

  • Document

    Data Tables Zinc STO April.xls

    XLS 290.50 KB

  • Document

    Global zinc short-term outlook April 2017

    PDF 579.48 KB

  • Document

    Global zinc short-term outlook April 2017

    ZIP 645.13 KB

Table of contents

  • Executive summary
  • Supply-demand balances
  • Demand
  • Supply

Tables and charts

This report includes 18 images and tables including:

Images

  • Supply-demand balances: Image 1
  • Price set to become more volatile as exchange stocks fall
  • European economic recovery gains momentum
  • Chinese sources of concentrate imports

Tables

  • Zinc key forecasts
  • Galvanized sheet and metallic coated sheet production
  • Key indicators of zinc consumption
  • Supply-demand balances: Table 1
  • Supply: Table 1
  • Concentrate Balances
  • Supply: Table 3
  • Supply: Table 4
  • Supply: Table 5
  • Global zinc mine production (kt Zn)
  • Global zinc smelter production (kt Zn)
  • Zinc stocks, prices and premiums
  • Chinese trade data (kt)
  • Global slab zinc supply/demand balance (kt)

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