The zinc market was in deficit by 47 kt during January to May 2019 which compares with a surplus of 67 kt recorded in the whole of the previous year. Reported stocks increased by 27 kt during January to May with a net increase in Shanghai of 39 kt over the period. LME stocks fell in each month of the first quarter but rose in April and May to close 29 kt below the December 2018 level. LME stocks represent 18 per cent of the global total with the bulk of the metal held in US and Dutch warehouses.
Global refined production fell by 2.8 per cent and consumption was 3.5 per cent higher than the levels recorded one year earlier. Japanese apparent demand was, at 217.4 kt, 2.9 per cent below the equivalent total for January to May 2018.
World demand was 186 kt higher than for January to May 2018. Chinese apparent demand was 2552 kt which is 47 per cent of the global total. No allowance is made in the consumption calculation for unreported stock changes.
In May 2019, slab zinc production was 1119.8 kt and consumption 1136.5 kt.
Source: WBMS |
