UPDATE: Global Zinc Market In 176,000-Ton Surplus Jan-Jun-ILZSG

LONDON, Aug. 25 -- The global refined zinc market was in surplus by 176,000 metric tons in the first six months of the year, the International Lead and Zinc Study Group said Tuesday.

The figure was smaller than the 264,000-ton surplus registered in the same period a year ago, ILZSG said.

During the first half of 2010, reported inventories also increased by 210,000 tons.

Global refined zinc production during January-June was 6.241 million tons, up 17% from the same period of 2009, after a further significant rise in Chinese output together with increases in Belgium, Brazil, Canada, Finland, India, South Korea, the Netherlands and the U.S.

Global refined zinc consumption was 20% higher at 6.065 million tons. The ILZSG said strong growth in Chinese apparent demand, which was up 13.9%, contributed to the increase.

Global zinc mine production was 13% higher on the year at 6.047 million tons. This was primarily down to higher output in Australia, China, India, Mexico and Namibia, the group said.