Global zinc strategic planning outlook Q1 2022 Report

Commodity Market Report 31 March 2022

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Report summary

The dominant factors influencing the zinc price and market in the medium-term are set to be mainly exogenous. Coronavirus restrictions have eased but it remains an issue. Disruptions to supply chains and the inflationary pressures that were also previously easing, have been reignited by Russia's invasion of Ukraine. In the near- to medium term, our base case outlook for the zinc market is one of refined zinc stocks at close to historically low levels, only becoming excessive in the latter part of the decade. Consequently, the zinc price is forecast to remain buoyant through to 2025. We have also considered a downside scenario featuring stagflation caused, in part, by the consequences of the war in Ukraine.

Long term forecasts, base case and high-low thresholds
Medium-term forecasts
Overview
- China
- India
- Europe
- USA
Changes to forecast zinc consumption since previous quarter
- Market adjustments
- Mine projects
- Strategic planning outlook - Long term supply considerations
- Geopolitical landscape
- Environmental challenges
- Mining and mineral processing technology
- China
- Latin America
- 2 more item(s)...

Tables and charts

This report includes the following images and tables:

The relative strength of the dollar plays a key role in influencing the zinc price
Requirement for new mine production
Cost price relationships are used to forecast long-term prices

Price forecasts and refined market balances
The zinc market is facing substantial surpluses in the concentrate and metal markets for the medium term
Concentrate market balances table
In the near- to medium-term investor sentiment is expected to support the zinc price despite rising metal stocks
Global zinc consumption by region
Long term growth in zinc consumption will be driven by Asia
Global zinc consumption is dominated by China
Per capita zinc consumption growth will be modest
Developing economies will drive consumption growth
20 more item(s)...