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[Zn] Impact of Stimulus Plan for Non-ferrous Metal Industry on Zinc Market

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SHANGHAI, May 13 (CBI China) -- On May 11th, in order to cope with international financial crisis, ensure the stale development of non-ferrous metal industry and accelerate the structural adjustment, the comprehensive stimulus plan for non-ferrous metal industry has been released, with the period of 2009-2011. Attentions should be paid to two points concerning zinc market.
&nbsp;&nbsp;&nbsp; First, 400kt of inefficient zinc smelting capacity will be eliminated in 2009. Current total domestic capacity is 4.9 million mt. In the mean time, Central Government will form 3-5 comprehensive Groups with strong strength through reorganization, and the proportion of output of domestic top ten zinc enterprises in China’s total output will be lifted to 60% from current 50% by 2011. As to domestic zinc concentrate supply, Central Government will strengthen the resources prospecting to increase the resource reserves and ore fields, and encourage large-size non-ferrous metal enterprises to invest in the exploration and development of mine to increase the self-sufficiency rate of resources so that the tight raw material supply will be eased. 
&nbsp;&nbsp;&nbsp; Second, the improvement of export rebate tax policy, the establishment of national reserve mechanism and the promotion of direct-electricity pilots will exert positive impact on long-term zinc price.&nbsp; 
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