Global supply of refined lead metal exceeded demand by 21,000 tonnes in the first 10 months of 2024, according to provisional data released on 18 December by the International Lead and Zinc Study Group. It said reported inventories rose by 60,000 tonnes.
World lead mine production rose 1.5% in the period. It was up in Australia, Bolivia, Bulgaria, Kazakhstan, Peru, Sweden and the US, and down in Ireland, Portugal and South Africa.
It said production of lead metal fell 1.7% in the first 10 months – mainly a result of lower output in China and Canada.
European production rose by 2.5%, mainly a consequence of increases in Bulgaria, Germany and Italy. They were partially offset by declines in Poland and Sweden. Chinese imports of lead contained in lead concentrates increased by 7.5% to 590,000 tonnes. Net imports of refined lead metal totalled 118,000 tonnes, compared to net exports of 153,000 tonnes in the first 10 months of 2023.
Zinc surplus
The global market for refined zinc metal showed a surplus of 19,000 tonnes in the first 10 months, according to the provisional data. Reported inventories increased 80,000 tonnes in the period, the body said.
World zinc mine production fell 3.8%, it reported. This was influenced by dips in Canada, China, South Africa and Peru. Ireland and Portugal also saw lower production. There were rises in Bolivia, Mexico, Sweden and the Democratic Republic of the Congo, where Ivanhoe Mines commissioned the Kipushi mine in June.
Refined metal production was down 1.7%, mainly the result of reductions in China, Japan, the Netherlands, Peru and the Russian Federation. These were partially offset by rises in France, India and Germany, where the Nordenham smelter resumed production in March.
The usage of refined zinc metal worldwide was up 1.3%, according to the data.
Chinese imports of zinc contained in zinc concentrates fell 19.6% to 1,523,000 tonnes, while net imports of refined zinc metal came to 366,000 tonnes. This represented a 65,000-ton increase from the first 10 months of 2023.
All data sources: ILZSG
