Commodity Market Report
Global zinc short-term outlook November 2023
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Report summary
The zinc price climbed above $2600/t in November helped by the news of the closure of Nyrstar's Mid-Tennessee mine and a serious fire at the new Ozernoye mine. However, the price quickly gave up some of its gains when refined zinc flowed back into the warehouses of the LME. Meanwhile in China, the permanent shutdown of the vertical retort smelters is on the horizon. Following significant changes to our forecasts for both mine and smelter supply we now expect that the concentrate market will be in deficit in 2024 and as a consequence we have revised our annual treatment charge forecast downwards.
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