International

Lead and Zinc Study Group

PRESS RELEASE 16 December 2015

The International Lead and Zinc Study Group (ILZSG) released preliminary data for world lead and zinc supply and
demand during the first ten months of 2015. A brief summary is listed in the tables below. Full details are available in
the December 2015 edition of the Group’s 77 page ‘Lead and Zinc Statistics’ Bulletin.

World Refined Lead Supply and Usage 2010 - 2015

000 tonnes 2014 2015 2015
2010 2011 2012 2013 2014 Jan-Oct Jul Aug Sep Oct
Mine Production 4175 4630 4920 5264 4944 4042 3756 391.2 398.8 326.8 329.4
Metal Production 9866 10634 10598 11110 10921 9023 8372 829.9 843.1 839.3 846.5
Metal Usage 9825 10468 10524 11089 10911 9017 8350 853.2 826.5 822.7 843.3
Source: ILZSG

• Provisional data reported to the ILZSG indicate that world supply of refined lead metal exceeded demand
by 22kt during the first ten months of 2015. Over the same period total reported stock levels fell by
134kt of which 125kt was due to a reduction in inventories held in LME and SHFE warehouses.
• A 7.1% decline in global lead mine supply compared to the first ten months of 2014 was primarily a
consequence of reductions in Australia and China that more than balanced increases in India and Peru.
• World refined lead metal output decreased by 7.2%. This was mainly due to a sharp 15.8% fall in Chinese
output.
• Similarly a reduction in global demand of 7.4% was principally influenced by a significant fall in Chinese
apparent usage of 15.6%. In Europe, demand decreased by 0.5% and in the United States, by 5.4%.
• At 791,000 tonnes, the quantity of lead contained in lead concentrates imported by China over the
period January to October 2015 was the same as during the first ten months of 2014.

World Refined Zinc Supply and Usage 2010 - 2015

000 tonnes 2014 2015 2015
2010 2011 2012 2013 2014 Jan-Oct Jul Aug Sep Oct
Mine Production 12360 12582 12898 13054 13512 11081 11238 1088.0 1161.6 1103.2 1120.7
Metal Production 12845 13065 12627 13033 13509 11098 11678 1148.2 1171.1 1185.7 1184.8
Metal Usage 12604 12708 12388 13142 13733 11340 11465 1151.2 1171.5 1146.3 1199.8
Source: ILZSG

• According to preliminary data recently compiled by the ILZSG, over the period January to October 2015
the global market for refined zinc metal was in oversupply by 213kt of which 150kt was recorded during
the first quarter of the year. Over the same period LME stocks fell by 121kt, Shanghai Futures Exchange
Inventories increased by 81kt and stocks reported by producers and consumers rose by 46kt resulting in
a net rise in total reported stocks of 6kt.
• Global zinc mine production rose by 1.4% mainly as a result of increases in Australia, India, Peru, the
Russian Federation and Sweden.
• An increase in world refined zinc metal production of 5.2% was primarily due to higher output in China,
India and the Republic of Korea.
• Demand for refined zinc metal in China grew by 1.8% and in Europe, by 2.2%. These rises together with
increases in Taiwan (China) and Thailand more than offset decreases in India, Japan, the Republic of
Korea, Turkey and the United States resulting in an overall global rise of 1.1%.
• Chinese imports of zinc contained in zinc concentrates amounted to 1.14 million tonnes, an increase of
58% compared to the first ten months of 2014. The country’s net imports of refined zinc metal were
down 36.2% at 285kt.

For further information please refer to the ILZSG website at www.ilzsg.org