Commodity Market Report

Zinc strategic planning outlook Q2 2023

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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 (2023-2033) global zinc consumption is forecast to grow at a rate of 2% p.a. In the long-term, zinc consumption growth is forecast to slow to average 1% p.a. for the period 2033-2050. Global base case mine production capability is forecast to peak at 14.9Mt in 2026, attrition, and ultimately ore reserve depletion will gradually reduce mine production and the number of active operations. With forecast refined production of 19.9Mt in 2050, the 15Mt shortfall in supply will be met by a combination of the development of new mine projects, mine life extensions, and the use of secondary materials and residues.

Table of contents

  • Cost price relationships are used to forecast prices in the long-term
  • Cyclical supply, demand and stocks are the main influence on the forecast zinc price in the medium term

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    Zinc Strategic Outlook Q2 2023.pdf

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