The global zinc market was in a surplus of 12,000mt in January, while the lead market saw a deficit of 22,000 during the same month, according to the latest International Lead and Zinc Study Group (ILZSG) data.
In January, zinc mine production increased to 1.42mn mt compared to 1.01mn mt in the same month a year ago, while lead mining increased to 366,000mt from 353,000mt.
Although zinc consumption at 1,17mn mt in January exceeded global consumption of 1.09mn mt in January 2020, zinc production remained higher than usage year-on-year. ILZSG estimated zinc production in the first month of the year at 1.19mn mt compared to 1.16mn mt in January 2020.
Lead usage and production had balanced at 933,000mt in January 2020. However, in the same month this year, lead production rose slightly to 999,000mt while its consumption increased to 1.02mn mt.