Chinese metal research firm Antaike expects the global zinc concentrate market to be in surplus after being in deficit this year, due to the COVID-19 pandemic, while the lead market, that has been in surplus this year, will continue to be so in 2021.
The global zinc concentrate was at a deficit of 151,000mt this year. The firm expects to see an 82,000mt surplus next year. China alone however, noted a 202,000mt surplus in 2020 and is projected to be at a 132,000mt surplus in 2021. This nation is expected to witness surplus production until 2022, after which it will switch to a deficit from 2023, Antaike predicts.
The global refined zinc market however was at a 290,000mt surplus in 2020 and is expected to be at a 298,000mt surplus next year. China saw a 50,000mt surplus this year and will be at a 110,000mt surplus next year, according to Antaike reports. The global market is projected to be at a surplus until 2025 while China alone will be at a surplus only until 2021 and then will be at a deficit from 2022 until 2025.
The global refined lead market is at a 21,000mt surplus in 2020 and is expected to grow to a 55,000mt surplus in 2021 while China alone was at a 28,000mt deficit this year and is expected to bounce back with a 77,000mt surplus in 2021.