London 23/08/2016 - The global refined lead market was in a surplus of 37,000 tonnes during the first half of the year while the global market for refined zinc was in deficit by 138,000 tonnes, the International Lead and Zinc Study Group (ILZSG) said.
Lead production was 5.161 million tonnes in January-June against demand of 5.124 million tonnes. This compares with supply and demand of 5.290 million tonnes and 5.304 million tonnes in the same period last year.
"World refined lead metal usage fell by 3.4 percent mainly due to a sharp reduction in Chinese apparent demand of 12.8 percent. Usage in Europe increased by 10.6 percent and in the US contracted by 1.9 percent," the ILZSG said.
In zinc, production was 6.648 million tonnes against consumption of 6.786 million tonnes in the January-June period. In the same period of 2015, supply and demand were 6.940 million tonnes and 6.746 million tonnes respectively.
"Despite an increase in Chinese output world zinc mine production fell by 6.7 percent due mainly to sizable reductions in Australia, India, Ireland and Peru," it said.
"A sharp fall in refined zinc metal production in India was the main driver behind in reduction in global output of 4.2 percent. Production also declined in Argentina, Australia, Thailand and the US but rose in the Republic of Korea," it added.
(Editing by Kathleen Retourne)