Commodity Market Report

Global zinc short-term outlook July 2023

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Pressure on the zinc price eased in July and the price appears to have stabilised. It is on course to end July some 10% above the May low. Following the surprise closure of Boliden’s Tara mine in Ireland, the market appears to think that the price has hit a support level, at least for now. A slightly more optimistic outlook for the global economy has helped, with macro-economic factors being supportive in the US and with growing expectations that the authorities in China will have to deploy more stimulus to stabilise the economy. However, the zinc price remains vulnerable to macro-economic sentiment.

Table of contents

Tables and charts

This report includes 21 images and tables including:

  • Latest commitments of traders data suggest investors are relatively neutral
  • Cancelled warrants suggest some 25kt may be about to leave LME warehouses
  • China returns to being a net importer of refined zinc
  • Price forecasts and global quarterly supply and demand balance
  • Treatment charges $/t of concentrate
  • Comparison of revenue from different treatment charges
  • Chinese concentrate imports (kt gross weight concentrate)
  • Concentrate balance
  • Automotive sales remain strong but may be levelling off
  • The construction of manufacturing plants is booming
  • Japanese galvanized steel sales have lost momentum
  • 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 July 2023

    PDF 1.23 MB