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Global Zinc Metals Report Q2 2016

Global Zinc Metals Report Q2 2016

BMI View: We maintain our average zinc price forecast for 2016 of USD1,750/tonne. We expect zincprices to reach a floor over the first half of 2016, and begin to stabilise thereafter, as production cuts shiftthe market to a deficit.Latest Developments & Structural TrendsPrice Forecast

We maintain our 2016 average zinc price forecast of USD1,750/tonne and expect prices to average onlyUSD1,950/tonne by the end of our forecast period in 2020. Our below-consensus forecast, whichrepresents only a 0.6% increase in prices between 2015 and 2020, reflects our broader view for basemetals to experience a stabilisation rather than a rebound.Production

Global refined zinc production growth will slow to 2.2% in 2016 from 3.3% in 2015, as firms curb outputin response to weak prices and two key mines come offline. We forecast global zinc output to increaseslightly, from 14.3 million tonnes (mnt) in 2016 to 15.3mnt by 2020, averaging 1.8% annual growth.

China will remain the key global producer of refined zinc, accounting for an estimated 44.4% of globaloutput in 2016 and increasing that share slightly to 45.4% by 2020. Chinese zinc production will increaseby only 1.0% in 2016, down from 8.5% in 2015, due to weak prices, a global ore deficit and thegovernment's efforts to consolidate the industry.


BMI Industry View
BMI View
Table: Global - Zinc Supply, Demand & Price Forecasts
Price Forecast
Global - Zinc: Move To Global Deficit To Provide Limited Upward Pressure On Prices
Table: BMI Zinc Forecasts
Table: Global Zinc Supply, Demand & Price Forecasts
Global Trends In Supply, Demand And Trade
Global Trends In Supply, Demand & Trade
Table: Global - Zinc Supply, Demand & Price Forecasts
Table: Refined Zinc Production Forecasts
Table: Refined Zinc Consumption Forecasts
Mine Supply: Zinc
Zinc: Steep Cuts In 2016 To Improve Long-Term Outlook
Table: Global - Select Zinc Projects
Table: Global Zinc Mine Production Forecasts (2014-2020)
Competitive Landscape
Table: Largest Listed Zinc Producers By Market Capitalisation
Company Profile
Global Company Strategy - MMG Limited - Q2 2016
Table: MMG Ltd - Supply Chain Analysis
Table: MMG Limited - Key Financial Data
Global Company Strategy - Vedanta Resources - Q1 2016
Latest Financial Results
Company Strategy
Table: Vedanta Resources - Supply Chain Analysis
Company Details
Table: Vedanta Resources - Key Financial Data
Glencore
Table: Glencore - Key Financial Data
Canada - Company Profile - Teck Resources - Q1 2016
Table: Teck - Key Financial Data
Appendix
Data Appendix
Table: Global - Zinc Supply, Demand & Price Forecast
Table: Refined Zinc Production Forecasts
Table: Refined Zinc Consumption Forecasts

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