NEW YORK Zinc supply
exceeded demand by 265,000 tonnes in 2012, the sixth year in a
row the market has been in surplus, according to data from the
International Lead and Zinc Study Group (ILZSG).
Inventory levels increased by
426,000 tonnes, with global warehouses holding nearly 2.2
million tonnes of refined zinc. The London Metal Exchange held
1.2 million tonnes of that last year, of which 65.5 percent was
stored in New Orleans, the Lisbon, Portugal-based organization
Global zinc metal production
fell 3.5 percent to 12.7 million tonnes in 2012 from 13.1
million tonnes in 2011, while global zinc metal usage fell 2.8
percent to 12.4 million tonnes from 12.8 million tonnes in the
Lead supply also exceeded demand
in 2012 by 64,000 tonnes, ILZSG data show.
Lead metal production last year
stayed largely in line with the previous year, at 10.62 million
tonnes compared with 10.59 million tonnes in 2011, as lead
metal usage rose 1.3 percent to 10.6 million tonnes in 2012
from 10.4 million tonnes in 2011.