Overseas Zinc Supply Sees Surplus, Import Window May Reopen

Published: May 15, 2023 17:28

Source: SMM

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Last week, the SHFE/LME zinc price ratio rose to 8.15, driven by some infrastructure projects in the pipelines in the medium term and oversupply overseas. While overseas supply did not fully recovered in the first quarter, overseas demand has continued to weaken. In addition, although the pace of domestic zinc destocking has slowed down, the absolute inventory is still at a low level.

Dip buying is expected to slow stock accumulation of zinc ingots. If the import window reopens, there may be an impact from seaborne cargoes on the domestic market.

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