Lisbon, Portugal — Initial data compiled by the International Lead and Zinc Study Group (ILZSG) for the year 2014 show that global usage of refined zinc metal exceeded output by 296kt. Refined zinc metal demand ex-China increased by 2.3 percent mainly as a consequence of higher usage in the Republic of Korea, Mexico, Taiwan (China) and the United States. However, the main factor behind a rise in global demand of 6.5 percent was an increase in Chinese apparent usage of 11.7 percent.
Other key figures on zinc include:
- Inventories held in LME, Shanghai Futures Exchange and Chinese State Reserve Bureau (SRB) warehouses together with those reported by producers, consumers and merchants decreased by 321kt to total 1559kt. 89.2 percent of the 691kt of refined zinc metal stored in LME warehouses was held in New Orleans.
- An increase in global zinc mine output of 1.4 percent compared to 2013 was primarily driven by a rise in Chinese production of 6.3 percent that was sufficient to more than offset reductions in Australia, Canada, India, Kazakhstan, Namibia and Peru.
- Similarly, a sharp 14.3 percent reported rise in Chinese refined zinc metal output more than balanced decreases in Australia, India, Peru and the United States and was the main influence on an overall global increase of 5 percent.
- Chinese net imports of zinc contained in zinc concentrates totalled 932kt, a rise of 10.3 percent compared to 2013. The country’s net imports of refined zinc metal in 2014 amounted to 439kt, a reduction of 29.3 percent compared to 2013.
- Cash Settlement and Forward Three Month Prices on the LME averaged US$2166 and US$2169 respectively during 2014, 13.5 percent and 11.9 percent higher than during 2013. The highest Cash Settlement Price of US$2420 was recorded on 25 July and the lowest of US$1942 on 24 March.
The 2015 edition of the ILZSG ‘Lead and Zinc New Mine and Smelter Projects’ report, with details of more than 200 lead and zinc projects, is now available. Further details about the International Lead and Zinc Study Group (ILZSG) together with a full list of publications are available on the Group’s website.
Source: International Lead and Zinc Study Group (ILZSG)