April Zinc Price Forecast: Surplus Becomes Deficit in 2015

Adobe Stock/ Björn Wylezich
Adobe Stock/ Björn Wylezich

The International Lead and Zinc Study Group recently released new data that found the global market for refined zinc recorded a surplus during the first half of 2015, but was in deficit during the second half of the same year.

The London Metal Exchange, Shanghai Futures Exchange and Chinese State Reserve Bureau warehouse inventories — along with those reported by consumers, producers and merchants — decreased in 2015 with 79% of the refined zinc stored in LME warehouses in New Orleans.

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“Decreases in zinc mine output in Canada, China, Ireland and Namibia were partially offset by increases in Australia, India, Peru, the Russian Federation and Sweden resulting in an overall global fall of 0.7%,” according to the report. “A rise in global refined zinc production of 3.3% was primarily a consequence of higher output in Canada, China, India and the Republic of Korea that comfortably exceeded reductions in Iran, Japan and Namibia.”

Furthermore, increased demand for zinc in France, Germany, the Czech Republic, Poland and the Russian Federation was the main source of European usage with other increases noted in China. On the other side of the coin, usage in the United States, India, Japan and the Republic of Korea declined. Global demand overall increased by 0.7% in 2015, according to the ILZSG.

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