ILZSG: Global Refined Zinc Market Ended 2023 in Surplus

SEATTLE (Scrap Monster): The preliminary data for world zinc supply and demand in 2023 published by the International Lead and Zinc Study Group (ILZSG) indicates that global refined zinc market ended in surplus of 205kt during the year.

During the previous year, global zinc mine production recorded modest decline by 1.4% upon comparison with 2022. The zinc mine output witnessed considerable decline in Australia, Bolivia, Canada, South Africa, the United States and Ireland, which more than offset rise in production in Brazil, India, Kazakhstan and Peru.

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The refined zinc metal production during the entire year totalled 13.863 million tonnes, modestly higher by 3.8% when compared with the production of 13.353 million tonnes during 2022. The main driver behind the increase in global output was the significant rise in Chinese refined metal production. The output also rose in Mexico and Australia. However, the production witnessed decline in Japan, Norway and Germany.

The marginal jump of 1.7% in global usage of refined zinc metal was mainly on account of notable rise in usage in countries such as China and India, which were partially offset by declines in Europe, Japan, Taiwan, Thailand, Turkiye and the U.S.

The monthly global zinc mine output totalled 1.058 million tonnes in October this year. The refined zinc metal production totalled 1.079 million tonnes, whereas the usage totalled 1.151 million tonnes during the month.

The global zinc mine production and usage in 2023 totalled 12,258 million tonnes and 13,659 million tonnes respectively.