Global zinc short-term outlook March 2022
The 3-month zinc price propelled to $4896/t, briefly surpassing the 2006 high. The 3-month zinc price subsequently lost altitude, before regaining some of the lost ground to finish March at $4151/t and ended the month with a spectacular $108/t backwardation. Expectations are for the current tightness in the refined market to persist. Spot TCs in China have jumped higher again, driven by the widening LME-SHFE price arbitrage.