Chinese Zinc and Copper Market Analysis
Notes
Slide 17: Steady Demand Growth & Increasing Zinc Intensity
1.
2.
Source: NBS/CNIA, CAAM, ChinalOL, Wind, CEIC, Teck.
Source: Mysteel, Teck.
Slide 18: Environmental/Safety Inspections & Depletions
1.
2.
Source: NBS/CNIA.
Source: BGRIMM, Antaike, Teck.
Slide 19: Zinc Mine Projects Increasingly Delayed
1.
2.
Includes mine projects with zinc capacity >20 ktpa. Source: BGRIMM, Antaike, Teck.
Source: BGRIMM.
Slide 20: China to Require More Zinc Concentrate Imports
Source: MyMetal, Industrial sources, Teck.
1.
2.
Source: China Customs, Wood Mackenzie, Teck.
Slide 21: Increasing Demand for Zinc Metal Imports
1.
2.
3.
Source: SHFE, MyMetal, SMM, Industrial sources, Teck.
"Smelter + consumer stocks" refers to zinc metal held in the plants of smelters and semi producers and those on the road; "Bonded stocks" refers to zinc stored in bonded zones
and will need to complete Customs clearance before entering China; "Domestic commercial stocks" refers to zinc stored in SHFE warehouses and other domestic commercial
warehouses not registered in SHFE.
Source: China Customs, Wood Mackenzie, Teck.
Slide 23: Steady Demand Growth & Increasing Copper Intensity
1.
2.
Source: NBS, ICA, Wood Mackenzie, CEC, ChinalOL, Teck.
Source: Government plans, CAAM, ICA, Teck.
Slide 24: 13th Five-Year Plan Driving Copper Demand (2016-2020)
Source: ICA.
1.
2.
Source: CEC, ICA.
Slide 25: Rapid Growth in Chinese Copper Smelter Capacity
1.
2.
Includes mine projects with copper capacity >10 ktpa. Source: BGRIMM.
Source: CRU, BGRIMM, SMM, Teck.
Slide 26: China More Important in Global Copper Market
1.
2.
Source: China Customs, Wood Mackenzie, BGRIMM, Teck.
Source: China Customs, Wood Mackenzie, SMM, Teck.
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