Global zinc short-term outlook November 2020 Report

Commodity Market Report 30 November 2020

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Report summary

The zinc price ended November with a flourish, climbing above $2800/t for the first time since May 2019. The primary driver behind this continues to be the enthusiasm of investors for the advances in vaccines and the stimulus packages deployed by governments and central banks around the world. A pit wall failure at Gamsberg caused further uncertainty to the supply outlook. The accident lent additional momentum to the slide in Chinese spot treatment charges for imported concentrate. Read more in our latest Global zinc short-term outlook for details on: The recovery of the global economy and the impact on zinc consumption Gamsberg incident Decline in Chinese spot TCs and the trend for domestic TCs The implications of a potential “unofficial embargo” on Australian concs

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

Tables and charts

This report includes 20 images and tables including:

Zinc still vying for top performing LME metal in November
Rising Sino-Australian tensions could disrupt metal imports (Origin of Chinese imports of refined Jan-Oct 2020 kt-Zn)
The modest rise in exchange stocks in 2020 has heightened speculation about invisible stocks

China is set to import a record 1.7Mt of concentrates, provided Australian imports continue to flow smoothly (Origin of concentrate imports Jan-Oct kt Zn)
Price forecasts and global quarterly supply and demand balance
PMIs underline mixed performance for the major economies
The CCP has set an ambitious per capita GDP target for 2035
Key indicators of zinc consumption
Treatment charges $/t of concentrate
Chinese concentrate imports (kt gross weight concentrate)
Australian concentrate could face an unofficial embargo (Origin of Chinese concentrate imports Jan-Oct 2020 kt Zn)
Quarterly global concentrate balances
Concentrate balances
Zinc mine capability, market adjustment and production (kt Zn)
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)