ILZSG: Global Refined Zinc Demand to See Modest Surge
The Chinese usage is forecast to recover by 3% this year, following a significant decline in 2022.
SEATTLE (Scrap Monster): The International Lead and Zinc Study Group (ILZSG), during its sixty-eighth session held in Lisbon, Portugal, released outlook for zinc metal for 2023 and 2024.
According to ILZSG news release, the global demand for refined zinc metal is expected to rise by 1.1% to 13.59 million tonnes this year and by 2.5% to 13.93 million tonnes next year. It must be noted that the demand had registered significant decline by 4.3% during the previous year.
The Chinese usage is forecast to recover by 3% this year, following a significant decline in 2022. The demand in the country is expected to grow by 1.2% in 2024. The European demand is forecast to fall marginally by 1.8% in 2023. Brazil, Japan, Taiwan, Thailand and Turkiye too are likely to record dip in demand. On the contrary, zinc usage is forecast to rise in India, Saudi Arabia and the U.S.
The world zinc mine production is forecast to surge by 0.1% to 12.43 million tonnes in 2023 and by 3.9% to 12.91 million tonnes by 2024. Meantime, the global refined zinc metal production is predicted to jump higher by 3.7% to 13.84 million tonnes in 2023 and by 3.3% to 14.30 million tonnes by 2024.
The global supply of refined zinc metal will exceed demand in both 2023 and 2024, with surpluses predicted at 248,000 tonnes and 367,000 tonnes respectively, ILZSG noted.
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