Global zinc short-term outlook May 2018
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Report summary
This year's unusually lengthy negotiations for annual contract treatment charge terms were concluded during the IZA Conference in Stockholm. We understand that treatment charge terms for the largest individual annual frame contracts in Europe and Asia were agreed in the last week of April. The 2018 terms represent a historically low value share (TC expressed as a percentage of the paid zinc value) of 11.5% against a zinc price of $2800/t, 11.4% against a zinc price of $3200/t and 9.7% against our price forecast of $3330/t.
Table of contents
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Executive summary
- Zinc key forecasts
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Supply-demand balances
- Market Developments
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Demand
- Global
- Mexico
- USA
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China
- Galvanized sheet and metallic coated sheet production
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Supply
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Concentrate market
- Zinc smelter capability, market adjustment and production (kt Zn)
- Global zinc consumption - (kt Zn)
- Chinese trade data (kt)
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Concentrate market
Tables and charts
This report includes 24 images and tables including:
- Executive summary: Table 1
- Cash to three months spreads narrow during May
- LME stocks go up
- ShFe stocks go down
- Origin of Galvanized sheet exports to the US
- Price forecasts and global quarterly supply and demand balance
- Pace of growth in global manufacturing accelerates
- Mexican production of cars and light trucks
- US light vehicle production sliding from peak
- Treatment charges $/t of concentrate
- Base price and base TC versus zinc price and realised TC
- Zinc price and realised TC correlation
- Supply: Table 2
- Supply: Table 3
- Supply: Table 4
- Demand: Table 1
- Key indicators of zinc consumption
- Supply: Table 5
- Supply: Table 6
- Global zinc mine production (kt Zn)
- Global zinc smelter production (kt Zn)
- Zinc stocks, prices and premiums
- Supply: Table 10
- Global slab zinc supply/demand balance (kt)
What's included
This report contains:
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