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Mining Weekly reported that Glencore plc (LSE:GLEN) sees the zinc deficit ramping up in 2015. The company expressed that idea in its recently released annual report.
Mining Weekly reported that Glencore plc (LSE:GLEN) sees the zinc deficit ramping up in 2015. The company expressed that idea in its recently released annual report.
As quoted in the market news:
‘We expect the pressures that led to the zinc supply deficit to intensify over the coming months,’ the annual report states, against the background of insignificant new zinc production sources coming on stream and several zinc mine closures.
Glencore’s own-source zinc production of 199 300 t was 8% down on 2013 and the company attributed the 2014 zinc metal market deficit to better demand with continuing inflows into China.
Besides LME zinc inventories falling by 400 000 t, or 33%, the report records a $29/t rise over the 2013 benchmark of the price of zinc concentrates.