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Global Zinc Surplus Hits 327,000T in Year to August - ILZSG

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LONDON, Oct. 27 -- The global zinc surplus soared to 327,000 mt in the year to August, according to the latest statistics from the International Lead and Zinc Study Group (ILZSG).
&nbsp;&nbsp;&nbsp; The surplus compares with an excess of 56,000 mt for the corresponding period a year earlier and follows sharp declines in demand in Europe, Korea and Japan.
&nbsp;&nbsp;&nbsp; European zinc demand fell 32%, Japanese consumption fell 30.9% and Korean demand was down by 29.4% in the first eight months of the year.
&nbsp;&nbsp;&nbsp; Refined zinc production in the year to August totaled 7.24 million mt against consumption of 6.91 million mt.
&nbsp;&nbsp;&nbsp; This compares with refined production of 7.78 million mt and consumption of 7.72 million mt for the corresponding period last year.
&nbsp;&nbsp;&nbsp; Refined production was 7% lower than the corresponding period in 2008 despite August seeing the highest monthly production levels this year.
&nbsp;&nbsp;&nbsp; Production in August this year totaled 968,500 mt compared with 928,900 mt in July, while consumption rose slightly to 938,900 mt from 934,100 mt.
&nbsp;&nbsp;&nbsp; Mine production totaled 7.24 million mt in the January-August period compared with 7.74 million for the corresponding period in 2008.
&nbsp;&nbsp;&nbsp; Mine output fell as Australia, China, Peru and the USA produced less in the first eight months of the year.
&nbsp;&nbsp;&nbsp; Chinese imports rose to 559,000 mt in the first eight months of 2009 compared with 75,000 mt for the corresponding period a year earlier.
&nbsp;&nbsp;&nbsp; Three-month zinc rose to USD 2,344/45/mt in the official session on the London Metal Exchange on Monday despite the bearish data. The contract traded as high as USD 2,365.75/mt after opening at USD 2,270/mt.
&nbsp;&nbsp;&nbsp; Stocks of the galvanizing metal fell by 300 mt, taking total inventories in LME-bonded warehouses to 426,925 mt.
&nbsp;&nbsp;&nbsp; (Source: Metal Bulletin) 
&nbsp;

Lead in 57,000T Surplus in Year to August -- ILZSG

Global Zinc Surplus Hits 327,000T in Year to August - ILZSG | Shanghai Non ferrous Metals

Global Zinc Surplus Hits 327,000T in Year to August - ILZSG

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