H1 deficit balanced by stock flows Mine production to...
Preliminary ILZSG data showed the deficit in the global zinc market was 134,000 tonnes in H1 2019, versus the 56,000-tonne deficit we had forecast for the period. At the same time, reported inventories (LME, SHFE, SRB, producer, consumer and merchant) increased by 34,000 tonnes. In effect, this implies that unreported inventories were drawn down to the tune of 168,000 tonnes to offset the supply-demand imbalance and account for the reported stock rise. It highlights the impact that previously unreported stocks have had in negating the zinc market’s underlying structural tightness.
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