Zinc study group now sees market surplus for 2023

The global refined zinc market will see a surplus of 248,000 metric tons in 2023 compared with a previously forecast deficit of 45,000 tons due to slower than expected demand growth, the International Lead and Zinc Study Group said on Monday.

The surplus for the metal, used to galvanise steel for the construction and auto sectors, will widen to 367,000 tons in 2024, the ILZSG added. Usage in China will recover 3% this year as galvanised plate output increased by 12% in January-July after falling 12% in 2022. Global refined zinc metal production is forecast to rise by 3.7% to 13.84-million tons in 2023, and by 3.3% to 14.30-million tons in 2024, mainly driven by an increase in China, the group said.

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Zinc study group now sees market surplus for 2023The global refined zinc market will see a surplus of 248 000 metric tons in 2023 compared with a previously forecast deficit of 45,000 tons due to slower than expected demand growth, the International Lead and Zinc Study Group (ILZSG) said on Monday. Prices for zinc are down 16% so far this year following last year's slump in demand from China, the world's largest consumer.
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