Commodity Market Report

Global zinc short-term outlook December 2021

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For the third consecutive month, the most important developments in the zinc market have revolved around smelters and the refined market. In December, Nyrstar, majority-owned by Trafigura, announced that it will be idling its Auby smelter next month. The company cited high power prices, and expectations that power prices will remain high. The Auby news spurred the price higher to $3465/t, a significant uplift, but still below October's peak. The news followed last months' announcement by Glencore that it will place its Portovesme smelter on care and maintenance. The idling of the two smelters effectively cuts the supply of primary refined zinc to the European market by around 13%. Europe's visible stocks of refined zinc stand at just 2kt. This lack of alternative supply is reflected in spot premiums which have shifted higher around the world.

Table of contents

  • Market Developments
  • China
  • Europe
  • Concentrate market
  • Mine production
  • Mine production news
  • Smelter production
  • Smelter production news

Tables and charts

This report includes 20 images and tables including:

  • Zinc second best performer on LME in 2021
  • Low exchange stocks offer little protection against further smelter disruptions
  • Will spot premiums test 2006-2007 highs in Q1?
  • Price forecasts and global quarterly supply and demand balance
  • Cumulative impact of changes to the forecast for 2021-2023
  • Chinese automotive production recovers in October but still down year on year
  • Pace of growth decelerates in manufacturing and services but accelerates in construction
  • Galvanized sheet and metallic coated sheet production
  • Key indicators of zinc consumption
  • Treatment charges $/t of concentrate
  • Annual concentrate balances
  • Mine disruption allowance breakdown
  • Zinc mine capability, market adjustment and production (kt Zn)
  • Index of Chinese smelter 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

This report contains:

  • Document

    Global zinc short-term outlook December 2021

    PDF 1.01 MB