Global zinc short-term outlook December 2021 Report

Commodity Market Report 21 December 2021

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Report summary

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.

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)