SHANGHAI, Jan. 13 (SMM) – 83% of major Chinese zinc smelters take a cautious attitude towards zinc price this week, Shanghai Metals Market survey shows.
The majority of 41 surveyed smelters, running at utilization rate of 86.32% in December 2014, expect zinc prices to resist both in declines or increases, citing a strong dollar, tumbling oil prices, and falling inventories in China as major reasons.
The rest 17% are pessimists, according to SMM survey, with capacity totaling 5.69 million tonnes.
Their bearish sentiment mainly came from a strong dollar, Greece’s uncertainties, and ample supply from high utilization rates and inflow of imported zinc.
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