Global production of refined zinc rose by 2.09pc to 11,181k mt and refined lead fell by 73k mt to 9,610k mt in Jan-Oct from the prior year period, according to the data released by International Lead and Zinc Study Group (ILZSG)
There was a global deficit of 152kt refined zinc metal as total reported inventories fell by 41k mt, according to ILZSG report. Australia and South Africa reported a substantial increase in zinc mine production, balancing the fall in production in Argentina, Chile, Finland, India, Ireland, Kazakhstan, Peru, Turkey and the United States, leading to a global rise by 2.2pc.
China, Mexico and Peru’s increase in refined zinc metal production offset the decreases in Europe, Australia, Canada, India and Kazakhstan, resulting in overall rise of 2.1pc.
A 0.3pc increase in global usage of refined zinc metal was mainly fuelled by rises in apparent usage in China, the Republic of Korea, South Africa and the United States offsetting the reductions in Europe, Brazil and Japan. Chinese imports of zinc contained in zinc concentrates rose by 3.2pc to 1135kt. Net imports of refined zinc metal totalled 469kt, a decrease of 3.8pc compared to the prior year.
Global demand for refined lead metal exceeded supply by 81k mt from Jan-Oct and the total reported stock levels decreased by 38k mt. World’s lead mine production remained flat, with a rise in Europe, Australia, India, Mexico, Peru and South Africa offset by reductions in Bolivia, China and Kazakhstan.
Despite India, the Republic of Korea and Mexico reporting a rise in lead metal production, overall global output declined by 0.7pc as a result of lower output from Argentina, Canada, Kazakhstan and Australia due to technical issue at Nyrstar’s Port Pirie smelter.
Refined global lead metal usage fell by 0.5pc, primarily influenced by decreases in Europe, Japan and the United States.Chinese imports of lead contained in lead concentrates increased by 40.4pc to 781kt. Net imports of refined lead metal totalled 112kt compared to 61kt in 2018.