The zinc market was in surplus by 96.4 kt during January to March 2019 which compares with a surplus of 73.9 kt recorded in the whole of the previous year. Reported stocks decreased by 12 kt during January to March with a net increase in Shanghai of 90 kt over the period. LME stocks fell in each month of the quarter and closed at 78 kt below the December 2018 level. LME stocks represent 9 per cent of the global total with the bulk of the metal held in US and Dutch warehouses.
Global refined production fell by 4.7 per cent and consumption was also 4.8 per cent lower than the levels recorded one year earlier. Japanese apparent demand was, at 120.9 kt, 12.6 per cent below the equivalent total for January to March 2018.
World demand was 156 kt lower than for January to March 2018. Chinese apparent demand was 1405 kt which is over 45 per cent of the global total. No allowance is made in the consumption calculation for unreported stock changes.
In March 2019, slab zinc production was 1089.2 kt and consumption 989.0 kt.
Source:WBMS |
