LONDON (Scrap Register): The zinc market was in surplus by 62 kt during January to February 2017 which compares with a deficit of 258kt recorded in the whole of the previous year, according to World Bureau of Metal Statistics (WBMS).
Reported stocks rose by 21 kt during February. LME stocks fell by 12 kt in February and ended the month 44 kt lower than at the end of 2016. LME stocks represent 37 per cent of the global total. Chinese demand rose by 2.7 per cent compared with the previous year.
Production of locally refined metal in China rose by 7.1 per cent compared with 2016. Chinese imports of mostly special high grade metal were 15 kt in February which brought the year to date figure to 32 kt, 72 kt lower than in January to February 2016.
Global refined production rose by 6.0 per cent and consumption was 7 per cent higher than the levels recorded one year earlier. Japanese demand was, at 87 kt, 16 % above the equivalent total for January to February 2016.
World demand was 143 kt higher than for January to February 2016. Chinese apparent demand was 967 kt which is 44 per cent of the global total. No allowance is made in the consumption calculation for unreported stock changes.
In February 2017 slab zinc production was 1134.7 kt and consumption 1083.9 kt.