The zinc market was in deficit by 6 kt during January to July 2019 which compares with a surplus of 64 kt recorded in the whole of the previous year. Reported stocks increased by 11 kt during January to July with a net increase in Shanghai of 20 kt over the period. LME stocks fell again in July and closed 50 kt below the December 2018 level. LME stocks represent 14 per cent of the global total with the bulk of the metal held in US and Dutch warehouses.
Global refined production rose by 0.7 per cent and consumption was 4.2 per cent higher than the levels recorded one year earlier. Japanese apparent demand was, at 295.8 kt, 4.3 per cent below the equivalent total for January to July 2018.
World demand was 319 kt higher than for January to July 2018. Chinese apparent demand was 3676 kt which is 47 per cent of the global total. No allowance is made in the consumption calculation for unreported stock changes.
In July 2019, slab zinc production was 1155.8 kt and consumption 1153.1 kt.
Source: WBMS |