ZINC - Zinc market in surplus in January to May 2007 - WBMS
BaseMetals.com
The zinc market was in surplus by 66 kt during January to May 2007 with reported stocks some 34 kt lower. The proportion of total stocks held in LME warehouse has declined from 47 per cent at the end of 2005 to less than 16 per cent at the end of May 2007, WBMS said on Wednesday.
Mine production was, at 4245 kt, 5 per cent higher than the January to May 2006 total. Refined production rose by 313 kt to 4653 kt with Asian countries (especially China) contributing an additional 279 kt to the world output. EU27 production rose by 4.7 per cent but NAFTA output was 2.8 per cent lower.
World demand was 132 kt higher than in the first five months of 2006 with the most significant increases recorded in China and America. Chinese demand was 1381 kt which is 30 per cent of the global total. No allowance is made in the consumption calculation for unreported stock changes
In May, slab zinc production was 965.4 kt and consumption was 983.6 kt.
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