Commodity Market Report

Global zinc short-term outlook March 2021

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31 March 2021

Global zinc short-term outlook March 2021

Report summary

The zinc price consolidated its position at close to the $2800/t level in March, creeping a little higher than last month. In the absence of macro-economic fireworks, the price of zinc is forecast to remain close to current levels for the balance of the year, as positive investor sentiment looks set to be sustained. Key reasons for this include, ongoing vaccination programmes and rising manufacturing activity. Read further in our latest Global zinc short-term outlook for details on: Issues affecting global and Chinese zinc demand The main supply developments over the past month Smelters added to the base case The latest information on the spot treatment charge market Risk to Chinese smelters from low profitability compared to 2012

Table of contents

  • Market Developments
  • Global
  • Changes to forecast
  • China
  • Concentrate market
  • Mine production
  • Mine production news
  • Smelter production
  • Smelter production news

Tables and charts

This report includes 20 images and tables including:

  • Metal prices consolidate in March
  • Open interest has grown, but remains well below levels seen in the last decade
  • Stable level of fund interest in zinc
  • Price forecasts and global quarterly supply and demand balance
  • Global trade volumes surpass pre-pandemic peak in January
  • Chinese manufacturing growth is slowing but has yet to peak elsewhere
  • Cumulative changes to consumption forecasts for the period 2020-2023
  • Galvanized sheet and metallic coated sheet production
  • Key indicators of zinc consumption
  • Treatment charges $/t of concentrate
  • 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 March 2021

    PDF 1.02 MB