The global market for refined zinc metal was in deficit by 112,000 mt for the first four months of 2017, with total reported inventories declining by 115,000 mt over the same period, according to preliminary data released Wednesday by the International Lead and Zinc Study Group.
This compares with a 20,000 mt deficit for the same period in 2016.
A rise in world refined zinc metal demand of 3.7% year on year to 4.606 million mt in January-April was primarily influenced by a 42.9% recovery in apparent usage in the US, while usage fell in China by 0.7% and in Europe by 1.4%, the ILZSG said.
Over the same period, Increases in refined zinc metal production in France, India and Kazakhstan were partially balanced by reductions in Canada, Peru and the Republic of Korea. resulting in an overall global rise of 1.6% to 4.494 million mt.
World zinc mine production increased by 7.3% to 4.269 million mt, mainly due to higher output in China, Eritrea, India, Peru and Turkey.
China imported a total of 385,000 mt of zinc contained in zinc concentrates in January-April, an increase of 58,000 mt compared to the same period of 2016, but Chinese net imports of refined zinc metal fell 114,000 mt year on year to 99,000 mt, the ILZSG noted.
