ILZSG Revealed 2022 Zinc Metal Market Trends

SEATTLE (Scrap Monster): The International Lead and Zinc Study Group (ILZSG) announced publication of preliminary data for world zinc supply and demand during the previous year.

The data suggests that the global market for refined zinc metal recorded a deficit of 306kt in 2022. The inventories of the metal with the London Metal Exchange (LME), Shanghai Futures Exchange (SHFE), producers, merchants and consumers totalled 630kt at end-2022, down by 178kt from the year before.

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The world zinc mine production recorded marginal decline by 2.5% during the year, primarily due to declines in Australia, China, Peru and Canada. The closure of the 777, Matagami and Caribou mines resulted in an overall capacity reduction of 172kt. The production dipped in Brazil, Greece, Ireland, Kazakhstan and Burkina Faso as well, said ILZSG report.

The refined zinc metal output declined by 4.1%, mainly driven by curtailed production by several European smelters on account of high electricity charges. The production also witnessed decline in China, Kazakhstan, Mexico and Canada.

The global demand for refined zinc metal fell modestly by 3.3%, mainly driven by China, Europe, Australia, Brazil, Japan, Korea and Taiwan.