We have revised down our 2019 zinc price forecast to an average of USD2,600/tonne from USD3,050/tonne as the reescalation of trade tensions between China and the US has softened investor sentiment.
We expect the market to remain in deficit until 2023 then shift into surplus as consumption weakens due to a subdued steel production outlook.

Key View 4

Commodity Price Forecast 5

Zinc Prices: Downward Revision As Trade Tensions Re-Escalate 5

Global Industry Overview 9

Global Trends In Supply, Demand And Trade 9

Industry Trend Analysis 18

Mining Outlook 18

Competitive Landscape 25

Global Company Strategy 29

Glencore 29

MMG Limited: Debt Reduction A High Priority 35

Vedanta Resources 39

Company Profile 45

Teck Resources 45

Data Appendix 47

Metals Methodology 50

冶金工业信息标准研究院