Commodity Market Report
Global zinc strategic planning outlook Q2 2022
Report summary
Despite growing concerns about the global economy our base case assumption is that a major global economic downturn will not occur in the near term. In the near- to medium-term (2021-2031) global zinc consumption is forecast to grow at a rate of 1.6% p.a. In the long-term, zinc consumption growth is forecast to slow to average 1% p.a. for the period 2031-2050. These growth rates are forecast to increase global zinc consumption from 14Mt in 2021 to 19.7Mt in 2050. Global base case mine production capability is forecast to peak at 14.9Mt in 2025, attrition, and ultimately ore reserve depletion will gradually reduce mine production and the number of active operations. This will result in base case mine production capability dwindling to just 4.9Mt in 2050 from its 2025 peak.
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- Cost price relationships are used to forecast prices in the long-term
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