The zinc market was in surplus by 4.6 kt during January to April 2019 which compares with a surplus of 67 kt recorded in the whole of the previous year. Reported stocks increased by 18 kt during January to April with a net increase in Shanghai of 59 kt over the period. LME stocks fell in each month of the first quarter but rose in April to close 44 kt below the December 2018 level. LME stocks represent 15 per cent of the global total with the bulk of the metal held in US and Dutch warehouses.
Global refined production fell by 4.0 per cent and consumption was fractionally lower than the levels recorded one year earlier. Japanese apparent demand was, at 177.7 kt, 2.7 per cent below the equivalent total for January to April 2018.
World demand was 1 kt lower than for January to April 2018. Chinese apparent demand was 1969 kt which is 46 percent of the global total. No allowance is made in the consumption calculation for unreported stock changes.
In April 2019, slab zinc production was 1104.6 kt and consumption 1151.5 kt.
Source: WBMS |
