Commodity market report

Global zinc short-term outlook September 2017



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Report summary

After a period of consolidation the zinc price managed to climb above $3200/t on the LME and in excess of $3900/t on the Shanghai Futures Exchange. Despite the price strength Chinese refined production declined with output in the first eight months of the year falling by 2.2%.

What's included

This report contains

  • Document

    Data tables Zinc STO September.xls

    XLS 295.00 KB

  • Document

    Global zinc short-term outlook September 2017

    PDF 606.83 KB

  • Document

    Global zinc short-term outlook September 2017

    ZIP 682.08 KB

Table of contents

  • Executive summary
  • Supply-demand balances
  • Demand
  • Supply

Tables and charts

This report includes 25 images and tables including:


  • September's backwardation of over $60/t is the largest since 2007
  • Forward curves have been moving higher and into deeper backwardation through the year
  • The traditional stock premium relationship has been disrupted this decade
  • Fixed asset investment in infrastructure growth is slowing but still strong
  • Chinese PMIs point to continued expansion in manufacturing activity
  • Chinese galvanized sheet production and prices remain at high levels
  • Brazilian glavanized sheet production is still struggling
  • Chinese smelter income is higher from domestic concentrate than spot in 2017
  • Chinese sources of concentrate imports
  • Index of monthly Chinese mine production
  • Index of monthly reported Chinese smelter production


  • Zinc key forecasts
  • Price forecasts and global quarterly supply and demand balance
  • Galvanized sheet and metallic coated sheet production
  • Key indicators of zinc consumption
  • Treatment charges $/t of concentrate
  • Supply: Table 2
  • Zinc mine capability, market adjustment and production (kt Zn)
  • Zinc smelter 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)

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