Although power prices have eased in Europe, the continent's major producers are set to continue to manage output across their plants. Meanwhile, rising treatment charges should incentivise smelters to maximise production elsewhere in the world. However, the level of production disruptions seen in recent months mean that we cannot be certain that they will be able to achieve this. The long awaited recovery in China may get underway next month or may be much slower, a return of consumer and business confidence will be a key factor to watch. Meanwhile, in Europe, an unusually warm winter has taken the pressure off and raised the prospect that the economic downturn may be shallower than expected. The wild card to watch in 2023 is the proposal to change the limits on various elements in zinc concentrates imported into China, if enacted as proposed they have the potential to transform global concentrate flows.