ILZSGInternational Lead and Zinc Study Group
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However, there was no growth at all in the first four months of the year, according to the ILZSG's latest monthly update.
According to ILZSG, global consumption of zinc was 13,861,000 tons in 2016 with global demand expected to increase to 14,280,000 tons in 2018.
The ILZSG expects world lead mine supply to rise by 5.6% to 5.06 million mt in 2017 and a more sedate 1.1% to 5.11 million mt in 2018.
ILZSG itself estimates that total zinc inventory, including exchange-registered tonnage, metal held by China's State Reserves Bureau (SRB) and "commercial stocks" held by producers, consumers and merchants, has declined from a peak of 2.2mn tonnes in January 2013 to 1.5mn tonnes as of the end of March 2016.
Moreover, ILZSG figures suggest that lead is closer to balance than its "ugly sister", registering a cumulative surplus of 32,000 tons in the first five months of this year, compared with a surplus of 96,000 tons in the equivalent period of 2011.
The ILZSG anticipates that zinc metal output will be constrained by tightness in the availability of zinc concentrates and that global demand for refined zinc metal will exceed supply by 398,000 mt resulting in a further draw down of both reported and unreported stocks.
ILZSG, for example, is forecasting a 12.4-percent lift in Chinese production.
Last year, world smelter production of lead posted a 10.7% increase to 7.57mt, while consumption was 7.65mt, according to the ILZSG. The global refined lead deficit was consequently 80,000t, though considerably below 308,000t recorded in 2004.
Data from the International Lead and Zinc Study Group (ILZSG), covering the first 10 months of the year, showed that mine supply between January and October 2016 was 10.887 million metric tons (mt), compared to 11.092 million mt in the corresponding period of 2015.
Prospects for both metals are looking fairly positive according to the International Lead & Zinc Study Group (ILZSG).
At its Spring meeting in Lisbon on April 27, the Standing Committee of the International Lead and Zinc Study Group (ILZSG) received a review of the current outlook for trends in world supply and demand for lead and zinc during 2016.
Zinc possesses quite strong physical fundamentals and according to the International Lead & Zinc Study Group (ILZSG), world mined output in 2000 grew to 8.5mt, while total demand for refined zinc was assessed at 8.68mt.