Global Zinc Market Records 19,000t Surplus in January-October

ILZSG(The International Lead and Zinc Study Group)

The global Zinc market registered a 19,000-tonne surplus in the first ten months of 2024, according to the latest data from the International Lead and Zinc Study Group (ILZSG). This surplus emerged despite a significant drop in global mined zinc output, which fell 3.8% year-on-year to 9.67 million tonnes (mn/t) due to lower production in Canada, China, South Africa, and Peru. Peru’s Antamina mine, a key zinc producer, saw a substantial decline in output, further contributing to the decrease.

Refined Zinc Production Declines While Demand Rises

Global refined zinc production reached 11.36mn t, down 1.7% year-on-year. The decline was driven by lower output from China, Japan, the Netherlands, Peru, and Russia, though France, India, and Germany partially offset these losses with production increases.

Despite these supply constraints, global zinc consumption rose by 1.25% to 11.34mn t, reflecting stronger demand from Brazil, India, South Korea, Mexico, Taiwan, Thailand, Turkey, and Vietnam. The rising consumption, particularly from galvanizing industries, suggests a stable outlook for zinc demand.

China’s Zinc Concentrate Imports Drop Sharply

China’s zinc concentrate imports fell by 19.6% to 1.52mn t, reflecting lower domestic smelting activity and a weaker appetite for imported zinc ores. Given China’s role as the world’s largest zinc consumer and producer, fluctuations in its import levels can have significant impacts on global supply chains.