Commodity Market Report

Global zinc short-term outlook April 2023

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Last month's sell off in the zinc price has been sustained through April with the price wilting in the face of heightened concerns for the near-term outlook for the global economy. The weakness came despite falls in exchange stocks. The annual zinc benchmark contract treatment charge (TC) has been agreed for this calendar year. We have not had confirmation of the contract terms from the principal participants due to confidentiality clauses, but reliable sources have reported the following $274/t concentrate basis a zinc price of $3000/t Zn, upscale +6%, downscale 0%. This compares to the 2022 annual benchmark settlement of $230/t concentrate basis a zinc price of $3800/t with a +5% upscale, and no downscale.

Table of contents

Tables and charts

This report includes 22 images and tables including:

  • In uncertain markets investors are keeping to the sidelines
  • Spreads have shifted back into contango but remain narrow
  • Shanghai stocks slide
  • Price forecasts and global quarterly supply and demand balance
  • Is European manufacturing losing momentum?
  • Treatment charges $/t of concentrate
  • Comparison of revenue from different treatment charges
  • SHFE-LME price arbitrage moves positive in April
  • Chinese concentrate imports (kt gross weight concentrate)
  • Concentrate balance
  • Automotive demand still strong
  • Chinese real-estate completions pick up
  • Galvanized sheet and metallic coated sheet production
  • Key indicators of zinc consumption
  • Mine disruption allowance breakdown
  • Index of Chinese smelter production
  • Global refined zinc consumption - (kt Zn)
  • 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)

What's included

This report contains:

  • Document

    Global zinc short-term outlook April 2023

    PDF 1.09 MB