Commodity Market Report

Global zinc short-term outlook May 2023

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The prices of base metals, and zinc in particular, continued to slide in the face of worries about the global economy and disappointing macro-economic data for China. In addition to weak demand, zinc remains under pressure amid expectations that refined zinc production will be significantly higher this year, a narrative given a boost by the sharp rise of LME stocks in Asian warehouses this month. While falling Shanghai stocks mean that the overall position is little changed from April, low stocks alone are likely to prove insufficient to offset the impact of weak demand and negative sentiment, and as such the price will remain under pressure for the next few months. Meanwhile, after putting in a very strong performance in March, China's National Bureau of Statistics reports that smelter production fell, possibly a consequence of the ongoing power rationing in Yunnan province which we expect to continue into July.

Table of contents

Tables and charts

This report includes 24 images and tables including:

  • LME prices ease back in May but Zinc falls faster
  • Sulphuric acid contract prices have fallen dramatically
  • A small contango returns
  • Price forecasts and global quarterly supply and demand balance
  • The global service sector is booming and manufacturing is contracting
  • Tankan index points to falling optimism in all sectors except automotive
  • Galvanized steel sales and inventory levels
  • Galvanized sheet and metallic coated sheet production
  • Key indicators of zinc consumption
  • Treatment charges $/t of concentrate
  • Comparison of revenue from different treatment charges
  • SHFE-LME price arbitrage moved positive in April and increased in May
  • Chinese concentrate imports (kt gross weight concentrate)
  • Concentrate balance
  • Lack of existing home inventory is supporting new builds
  • The AIA billings index points to a slowdown in non-residential construction activity
  • 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 May 2023

    PDF 1.08 MB