Global zinc strategic planning outlook Q1 2024 Report

Commodity Market Report 27 March 2024

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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 rise in exchange stocks and the perception of a rise in invisible stocks together with general demand weakness have weighed on the zinc price in recent months. This has been counteracted by mine closures and together with the forecast recovery in demand, should see the price strengthen in the near term. However, rising mine supply and refined production and slowing demand growth will result in the refined market moving to surplus in the second half of this decade. This will undermine some of the price recovery.

Long term forecasts, base case and high-low thresholds
Medium term forecasts
Overview
- Medium term outlook
- China
- India
- Europe
- USA
Changes to forecast zinc consumption since previous quarter
- Smelter supply changes since last quarter
- Africa
India
China
- Europe
- North America
- Market adjustments
- Mine projects
- Strategic planning outlook - Long term supply considerations
- Geopolitical landscape
- Environmental challenges
- Stricter limits on Chinese concentrate imports
- 8 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
Macro economic concerns and rising metal stocks will weigh on the zinc price in the medium term
Near- to medium-term price scenario price forecasts (Nominal)
Scenario prices and refined stocks in days of global consumption
Near- to medium-term price scenario price forecasts (Real $)
Global zinc consumption by region
Per capita zinc consumption growth will be modest
25 more item(s)...