Zinc gains as global market deficit rises to 62,600 metric tons in Dec 2023

The International Lead and Zinc Study Group (ILZSG) reported that zinc prices saw a small increase of 0.16%, culminating in a closing price of 214.55. This increase was attributed to an increase in the global zinc market deficit.

The information showed that in December 2023, there was a 62,600 metric tonne shortfall, up from 53,500 tonnes in November. Compared to a 73,000-ton shortfall in 2022, ILZSG statistics for the entire year 2023 indicated a 204,000-ton surplus.

China’s production of refined zinc fell by 4.05% month over month to 567,000 metric tonnes in January 2024. Lower than anticipated, the year-over-year gain was 10.9%. Several provinces’ smelter maintenance programmes as well as Yunnan and Guizhou’s smelter closures for the holidays were blamed for the drop in domestic zinc alloy output in January.

In January, the average daily sales of new homes in China fell by 34% year over year, which also had an impact on market mood. Falling prices were a result of this dip, which was the biggest in ten months and raised questions about weak consumer resilience despite Beijing’s efforts to boost the market for real estate.

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