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Informist, Tuesday, Feb. 25, 2025

 

MUMBAI – Global production of refined zinc fell 2.6% on year to 13.55 million tonnes in 2024, while consumption rose by a mere 0.1% to 13.61 million tonnes. This led to a deficit of 62,000 tonnes of the metal in 2024, against a surplus of 310,000 tonnes the previous year, the International Lead and Zinc Study Group said in a report.

 

Production of refined zinc dropped last year due to limited availability of concentrates. Reduction in output in China, Japan, South Korea, the Netherlands, Norway, and Russia were partially offset by a rise in production in France, India, and Germany, the study group said. Output of the metal in China, the largest producer, dropped 3.4% on year to 6.6 million tonnes in 2024, accounting for nearly 49% of the total production. Refined zinc production in India rose 2.5% on year to 857 tonnes.

 

Zinc mine production fell 2.8% on year to 11.88 million tonnes in 2024, because of a drop in output in Canada, China, South Africa, and Peru. Output at the large Antamina mine in Peru declined substantially, it said. Production in Europe was also lower, primarily as a result of reductions in Ireland and Portugal. However, production increased in Bolivia, Mexico, and the Democratic Republic of Congo, where Ivanhoe Mines commissioned the Kipushi mine in June.

 

Consumption of the metal rose marginally by 0.1% in 2024 as increasing consumption in Brazil, India, South Korea, Mexico, Turkey, and Vietnam was largely offset by reductions in China, Europe, and the US, it said. Inventories held at warehouses accredited with the London Metal Exchange and the Shanghai Futures Exchange, along with those reported by producers, consumers, and merchants, fell by 31,000 tonnes to 791,000 tonnes in 2024, the study group said.

 

On the LME, the average cash price rose 5% to $2,779 per tonne in 2024. At 1321 IST, the three-month zinc contract on the LME was at $2,832.50 per tonne, down 0.4% from the previous close.  End

 

US$1 = INR 87.14

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Ashutosh Pati

Edited by Avishek Dutta

 

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