Commodity Market Report

Global zinc short-term outlook March 2019

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31 March 2019

Global zinc short-term outlook March 2019

Report summary

The first annual treatment charge contract for 2019 is understood to have been agreed and resets the base TC to the same as in 2015. Meanwhile, the upward trend in spot TCs continued, $22/t higher than in February. Although the concentrate market is demonstrably in surplus, the refined market remains in deficit and exchange stocks have continued to decline. This fundamental support together with growing expectations that the trade tensions between the US and China will ease, helped propel the zinc price to over $3000/t by the end of March. As a result, zinc was the best performer on the LME in March and Q1. This was despite muted interest in the metal from investors.

Table of contents

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

Tables and charts

This report includes 23 images and tables including:

  • Zinc outperforms the rest of the LME metals in Q1
  • Open interest is still at a low level when compared with recent history
  • Exchange stocks are at record lows
  • Price forecasts and global quarterly supply and demand balance
  • Global manufacturing on the verge of contracting
  • US automotive and galvanized sheet have passed their cyclical peak
  • Is the European economy on the brink of recession?
  • Galvanized sheet and metallic coated sheet production
  • Key indicators of zinc consumption
  • Treatment charges $/t of concentrate
  • Realised benchmark TC, China spot and Chinese domestic TC
  • Spot TC is pulled up by the realised domestic TC
  • Domestic TC example scenario
  • Concentrate balances
  • Zinc mine capability, market adjustment and production (kt Zn)
  • Mineral reserves and resources for Flin Flon (Triple 7), January 1, 2019
  • 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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