[Spoiler] China Zinc Industry Chain Annual Report 2021-2025

SHANGHAI, Dec 8 (SMM) - The refined zinc output in China has been far less than expected in 2021. What caused the decline in domestic output?

There have been constant disturbances pervading the smelting end. For example, the output at smelters in Inner Mongolia could not exceed the level of the same period last year according to the dual control policy of energy consumption in March, resulting in a decline in the output. Yunnan is also subject to this policy in May and local smelters were required to reduce their output. The demand for industrial electricity this year has increased sharply from 2020. The power supply in Yunnan and Guangxi tightened due to the limited increase in hydropower supply this year; thus, the smelters continued to reduce their production. The production restrictions also came on stage in Hunan and Henan amid tight supply of power. The domestic output is likely to turn to negative growth YoY in 2021. Then what about the domestic supply of refined zinc in 2022? Please refer to SMM annual report for detailed analysis.