Korean zinc official price over March increased large due to LME zinc value and foreign exchange rate alike. Korea Zinc and other major zinc produces including Youngpoong Corporation determined March 4 to offer at 3,421,000 won per ton on the Korean zinc market, raising 170,000 won, or 5.2 percent higher than the previous month of 3,251,000 won per ton.
The increase of zinc price was known to be affected by the shedding of LME zinc inventory, the ongoing trade talks between the US and China and stable demand in China together. The LME zinc price averaged $2,702.85 per ton in February this year, rising $143.67 per ton from the prior month of $2,559.18 leading the upside of Korean zinc price. The news that the zinc production is upward in China released, but the LME zinc price is expected to remain steady amid the supply and demand condition becomes tighter still on the cash official.
There will be further advance adds plausibility, implying to maintain for a while to come over the $2,650~2,700 per ton mark on average for the first quarter 2019 on the LME basis. The stronger exchange rate helped the Korean zinc price upside, while expecting to vary between $1,110 and 1,120 per dollar during March.
Source: Steel&Metal News |
