The global refined zinc market experienced a 112,000 tonne deficit in the first four months of 2017, according to data published by the International Zinc and Lead Group (ILZSG). This is compared to a deficit of 20,000 tonnes in the same period in 2016.
Global metal demand growth rose 3.7% year-on-year to 4.606 million tonnes in Jan-April primarily driven by a 42.9% recovery in US use, while Chinese use fell 0.7% , and in Europe by 1.4%.
Over the same period, production of refined zinc increased in France, India and Kazakhstan, partially offsetting declines in Canada, Peru and South Korea. As a result, overall global production growth was 1.6% to 4.494 million tonnes.
Global production from zinc mines increased by 7.3% to 4.269 million tonnes, mainly driven by increased production in China, India, Peru and Turkey.
China imported a total of 385,000 tons of zinc concentrate in January-April, an increase over the same period in 2016, but China's imports of refined zinc fell.
The global market for refined zinc is in short supply
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