Commodity Market Report

Global zinc short-term outlook November 2019

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28 November 2019

Global zinc short-term outlook November 2019

Report summary

The zinc price continued on an upward trajectory in early-November to peak at just below $2600. An increase in LME stocks then knocked sentiment and triggered the price to fall sharply. New developments for potential future supply included some preliminary work starting at Ozernoe and PT Dairi Prima Mineral signing a contract for construction works for the Dairi project. • Zinc markets and prices • Our latest views on zinc demand in Europe, Japan and China • Changes to the the mine and smelter production outlook • TC data and analysis - Chinese imported spot TCs drift higher • Forecast developments in mine supply and refined production and their impact on concentrate and metal market balances • The implications of the above on our market balance, price and TC forecasts out to 2021

Table of contents

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

Tables and charts

This report includes 19 images and tables including:

  • Zinc price sinks after a near-term peak in early-November
  • Backwardation remains after shrinking in the second half of November
  • Chinese spot TCs drift higher whilst Chinese domestic TCs remain flat
  • Price forecasts and global quarterly supply and demand balance
  • Japanese galvanized sheet production continues to slide
  • Chinese metallic sheet production grew by 6% year on year in September
  • Galvanized sheet and metallic coated sheet production
  • Key indicators of zinc consumption
  • Treatment charges $/t of concentrate
  • Chinese concentrate imports (kt gross weight concentrate)
  • Concentrate balances
  • Zinc mine capability, market adjustment and production (kt Zn)
  • 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)

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