41January/February 2016
2014. World refined output fell 7.2%
from 9.023 million tonnes to 8.372
million tonnes while usage slid 7.4%
from 9.017 million tonnes to 8.35 mil-
lion tonnes, with apparent consumption
slumping 15.6% in China and 5.4% in
the USA. The demand drop in Europe
was limited to 0.5%.
Zinc
Zinc scrap prices have been in decline
over recent weeks. In Germany, for
example, old zinc scrap (Zebra) has been
trading at only US$ 1186 per tonne
while old zinc alloy scrap has attracted
US$ 1365 in the Netherlands.
Latest figures from the International
Lead & Zinc Study Group (ILZSG)
emphasise the scale of the switch
from deficit to surplus. In the open-
ing 10 months of 2014, world refined
zinc consumption of 11.34 million
tonnes outstripped a production total
of 11.098 million tonnes by 242 000
tonnes, whereas the same period last
year brought a surplus of 213 000
tonnes as world refined zinc production
climbed 5.2% to 11.678 million tonnes
and demand edged just 1.1% higher
to 11.465 million tonnes. Consump-
tion increased in China and Europe
by, respectively, 1.8% and 2.2% but
declines were reported for India, Japan,
South Korea, Turkey and the USA.
The ILZSG emphasises that 150 000
tonnes of the refined zinc market sur-
plus for the opening 10 months of 2015
was run up in the first quarter of the
year.
Reference date: January 20, 2016
Contributing to the
Non-Ferrous Metals
Market Analysis:
• Ralf Schmitz, German non-fer-
rous trade association VDM
(Europe)
Non-Ferrous
LME Non-Ferrous Prices & Stocks
Aluminium
Lead
Copper
Zinc
800
700
600
500
400
—– LME stocks (x 1000 metric tonnes)
—– LME prices (in U.S. dollars/MT)
—– LME stocks (x 1000 metric tonnes)
—– LME prices (in U.S. dollars/MT)
—– LME stocks (x 1000 metric tonnes)
—– LME prices (in U.S. dollars/MT)
—– LME stocks (x 1000 metric tonnes)
—– LME prices (in U.S. dollars/MT)
J F M A M J J A S O N D J
J F M A M J J A S O N D J
J F M A M J J A S O N D J
J F M A M J J A S O N D J
6000
5000
4000
3000
2000
500
400
300
200
100
3500
3000
2500
2000
1500
3000
2500
2000
1500
1000
9000
8000
7000
6000
5000
3000
2500
2000
1500
1000
350
300
250
200
150
