Chinese Zinc and Copper Market Analysis

Thousand Tonnes Increasing Demand for Zinc Metal Imports De-stocking to Continue Despite Seasonal Rebound 1 More Imported Zinc Metal Required to Fill the Gap³ 1,600 1,400 1,200 1,000 800 600 400 200 0 ■Smelter + Consumer Stocks² 1,600 ■Bonded Stocks 1,400 ■Domestic Commercial Stocks 1,200 Thousand Tonnes 1,000 800 652 600 525 400 200 0 Jan-12 Jun-12 Nov-12 Apr-13 Sep-13- Feb-14 Jul-14 Dec-14 May-15 Oct-15 Mar-16 Aug-16 Jan-17 Jun-17 Nov-17 784 1,382 1,328 1,261 21 Seasonal metal build heavily weighted to imported bonded stocks; If China does import 1.4 Mt of concentrates, still requires 1.3 Mt of metal imports Teck

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