2015 Annual Report on Zinc Market

Introduction 3
1 Market review 3
1.1 Zinc futures on the LME decline continuously 3
1.2 Chinese zinc concentrate market review in 2015 3
1.3 Zinc ingot prices move down 4
1.4 Galvanizing zinc alloy market stable 5
1.5 Operating rates of die-casting zinc alloy plants remain at low levels 5
1.6 Zinc oxide market 6
1.6.1 Market for zinc oxide produced from zinc ingot remains stable 6
1.6.2 Zinc oxide produced from zinc scrap producers’ profits narrowed 6
1.6.3 Zinc oxide 90-99% trading thin 7
1.7 Zinc powder market 7
1.7.1 Super-fine zinc powder market active but profit margins narrow 7
1.7.2 Metal zinc powder plants halt production 8
2 Zinc market supply and demand 8
2.1 Global output of refined zinc metal exceeds usage by 176kt in Jan-Nov 2015 8
2.2 Chinese zinc market supply and demand 8
2.2.Asian Metal Copyright3 Zinc oxide 90-99% trading thin 7 1.Asian Metal Copyright1 China’s zinc concentrate output down by 10.17% YOY during Jan-Nov 2015 8
2.2.2 China’s zinc smelters’ operating rate remains stable in 2015 9
2.2.3 China’s newly-launched 340,000tpy zinc ingot capacity in 2015 9
2.3 Operating rates of die-casting zinc alloy plants increase slightly in 2015 10
2.4 China’s zinc oxide capacity distribution in 2015 10
2.5 China’s zinc oxide producers’ operating rate remains below 50% in 2015 11
2.6 No newly-launched zinc oxide capacity in 2015 11
2.7 China’s zinc powder plants’ operating rate remains at a low level 12
3 Import and export data 12
3.1 China’s zinc import and export data by country in 2015 12
3.2 China’s zinc ore/concentrate imports up by 47.39% YOY in 2015 14
3.3 China’s refined zinc imports down by 4.66% YOY in 2015 15
3.4 China’s major zinc smelters’ zinc ore/concentrate monthly imports during 2015 16
3.4.1 Yuguang zinc’s zinc concentrate monthly import in 2015 16
3.4.2 Zhuzhou Smelter’s zinc concentrate monthly import in 2015 16
3.4.3 Baiyin Nonferrous Metal’s zinc concentrate monthly import in 2015 17
3.4.4 Hanzhong Zinc’s zinc concentrate monthly import in 2015 17
3.5 China zinc alloy imports down by 1.66% YOY in 2015 17
3.6 China’s zinc oxide imports down by 13.4% YOY in 2015 18
3.7 China’s zinc powder imports down by 10.9% YOY in 2015 18
4 Related industry developments 19
4.1 China’s crude steel output down by 2.3% YOY in 2015 19
4.2 Statistics on Chinese automobile output and sales in 2015 19
5 Outlook for 2016 19
Base attribute of zinc 20
1.1 Zinc characteristics 20
1.2 Zinc main applications 20
1.2.1 Galvanization 20
1.2.2 Casting zinc alloy 20
1.2.3 Manufacture copper alloy (brass) 20
1.2.4 Manufacture zinc oxide 21
1.2.5 Manufacture dry cell with zinc cake and zinc plate 21
1.2 Global zinc ore reserves and output 21


Graph 1 Price graph of zinc futures on the LME 2015 3
Graph 2 Zinc stocks on the LME 2015 3
Graph 3 Prices for zinc concentrate 50%min in South China in 2015 4
Graph 4 Prices for zinc concentrate 55%min in North China in 2015 4
Graph 5 Price graph of SHG zinc ingot on Chinese spot market in 2015 5
Graph 6 Price graph of Zamak-3 zinc alloy in China in 2015 6
Graph 7 Prices for zinc oxide 99.7%min in China in 2015 6
Graph 8 Prices for 325mesh zinc powder 96% metal zinc contained in 2015 7
Graph 9 China’s zinc concentrate output between January 2014 and November 2015 8
Graph 10 China’s major zinc smelters’ average operation rates between January 2014 and December 2015 9
Graph 11 China’s die-casting zinc alloy plants’ operating rates 2014-2015 10
Graph 12 Distribution of China's zinc oxide 99.7%min capacity 11
Graph 13 China’s zinc oxide plants’ operating rate from 2014 to 2015 11
Graph 14 China’s zinc powder plants’ operating rate in 2015 12
Graph 15 China’s zinc ore/concentrate imports 2010-2015 14
Graph 16 China’s main zinc ore/concentrate import origins in 2015 15
Graph 17 China’s main refined zinc import origins in October 2015 15
Graph 18 China’s refined zinc imports 2010-2015 16
Graph 19 Yuguang zinc’s zinc concentrate monthly import in 2015 16
Graph 20 Zhuzhou Smelter’s zinc concentrate monthly import in 2015 17
Graph 21 Baiyin Nonferrous Metal’s zinc concentrate monthly import in 2015 17
Graph 22 Hanzhong Zinc’s zinc concentrate monthly import in 2015 17
Graph 23 China’s zinc alloy imports from 2014 to 2015 18
Graph 24 China’s zinc oxide imports from 2009 to 2015 18
Graph 25 China’s zinc oxide imports from January to December in 2015 18
Graph 26 China’s zinc powder and zinc flake powder imports from January to December in 2015 19
Graph 27 The origins of China’s zinc powder and zinc flake powder imports in 2015 19
Graph 28 Zinc consumption structure 21


Table 1 Word zinc supply and usage 2011-2015 8
Table 2 New zinc smelting projects in 2015 9
Table 3 New zinc oxide plants projects by region in 2016 12
Table 4 Refined zinc, zinc alloy, zinc concentrate/ore import and export in November 2015 12
Table 5 China’s zinc tariffs in 2015 16
Table 6 Global zinc ore output, reserves and distribution 21

.Asian Metal Copyright3% YOY in 2015 19 4Asian Metal Copyright