Commodity Market Report

Global zinc short-term outlook August 2019

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30 August 2019

Global zinc short-term outlook August 2019

Report summary

Despite there being ample supplies of concentrate as evidence by a further rise in spot treatment charges, many smelters are struggling to take advantage of the situation. This month two more Chinese smelters were forced to cut production because of environmental issues, whilst Teck Resources' Trail smelter suffered an equipment failure that will reduce output by 20-30kt. Despite the challenges facing zinc smelting and the continued draw down of exchange stocks, the zinc price withered in the face of the latest escalations of the US-China trade war and the consequent fallout in global financial markets. The negative sentiment has overwhelmed zinc fundamentals which remain robust, prompting us to substantially downgrade our price forecasts.

Table of contents

  • Market Developments
  • Global
  • USA
  • China
  • Concentrate market
  • Mine production
  • Mine production news
  • Smelter production news

Tables and charts

This report includes 18 images and tables including:

  • Cancelled warrants move higher
  • Zinc price and exchange stocks move lower
  • Price forecasts and global quarterly supply and demand balance
  • Tariffs and quotas have failed to support domestic shipments
  • Galvanized sheet and metallic coated sheet production
  • Key indicators of zinc consumption
  • Treatment charges $/t of concentrate
  • New standards for Chinese zinc oxide imports
  • Chinese concentrate imports (kt gross weight concentrate)
  • Concentrate balances
  • Zinc mine capability, market adjustment and production (kt Zn)
  • Index of monthly Chinese refined production
  • Global 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

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