Chinese Zinc and Copper Market Analysis

20 20 Thousand dmt 500 China to Require More Zinc Concentrate Imports Concentrate Stocks Rise, Seasonal Build Insufficient¹ 400 300 200 100 0 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 China Will Have to Import More Zinc in Concentrate² 250 1,561 1,600 1,452 1,456 1,447 200 150 100 50 TCs on Imports ($/dmt) 0 Thousand Tonnes, Zinc in Concentrates 1,400 1,200 1,101 1,000 854 800 600 400 200 0 Port Concs Stocks TCs on Imported Concs The seasonal winter build in concs stocks was done at high cost (low TCs) to smelters; 2017 build was insufficient to cover requirements, increasing scope for imports Teck

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