The zinc market was in deficit by 36.8 kt during January to February 2019 which compares with a surplus of 71.6 kt recorded in the whole of the previous year. Reported stocks decreased by 46 kt during January to February with a net increase in Shanghai of 7.5 kt over the period. LME stocks fell in both January and February and closed at 64.5 kt below the December 2018 level. LME stocks represent 13 per cent of the global total with the bulk of the metal held in US warehouses.
Global refined production fell by 5 per cent and consumption was 1.3 per cent lower than the levels recorded one year earlier. Japanese apparent demand was, at 84.8 kt, 2.6 per cent above the equivalent total for January to February 2018.
World demand was 28 kt lower than for January to February 2018. Chinese apparent demand was 981 kt which is almost 46 per cent of the global total. No allowance is made in the consumption calculation for unreported stock changes.
In February 2019, slab zinc production was 1038.9 kt and consumption 1039.2 kt.
Source: WBMS |
