ILZSG: World Refined Zinc Market Ended H1 2024 in Surplus

SEATTLE (Scrap Monster): The latest monthly statistics published by the International Lead and Zinc Study Group (ILZSG) indicates that global refined zinc market ended in surplus by 228kt during the first six months of 2024.

During H1 this year, global zinc mine production recorded modest decline by 3.4% upon comparison with the corresponding period a year before. The zinc mine output witnessed considerable decline in Canada, China, South Africa and Peru. The production in Ireland and Portugal too remained lower. However, the output surged higher in Australia, Brazil, Mexico and Sweden.

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The refined zinc metal production during H1 this year totalled 6.897 million tonnes, marginally lower by 0.1% when compared with the 6.901 million tonnes of production a year before. The production reported jumps in Canada, China, France, Japan and Germany. But, these were largely offset by output reductions in Mexico, the Netherlands, Norway and Peru, ILZSG noted.

The modest rise of 3.4% in global usage of refined zinc metal was mainly on account of increased usage in countries such as Brazil, China, India, the Republic of Korea, Taiwan (China), Thailand and Vietnam. These were partially offset by declines in Europe and the United States.

The monthly global zinc mine output totalled 1.015.1 million tonnes in June this year. The refined zinc metal production totalled 1.191.1 million tonnes, whereas the usage totalled 1.182.4 million tonnes during the month.