- Write by:
-
Tuesday, November 23, 2021 - 13:14:07
-
286 Visit
-
Print
Mining News Pro - The zinc price rose on Monday as Glencore Plc announced it’s preparing to shut down production in Italy.
The decision to close the plant follows a sharp increase in power prices in Italy and the rest of Europe, Glencore said.
Zinc prices rose as much as 3.4% to $3,349.50 a tonne on the London Metal Exchange, the biggest gain in a month.
Zinc production had already been hit hard, with supply cuts announced by Trafigura Group, Nyrstar and Glencore sending prices surging 13% in October.
Global zinc production is estimated at about 14 million tonnes this year, with about half of that expected to come from China, the world’s largest producer.
The metal is mainly used to galvanise steel or iron by applying a zinc coating to stop rusting. Galvanised steel is used in buildings, cars and electronics.
Fitch Solutions forecasts an average zinc price of $2,600 per tonne in 2021.
“The global production surplus that emerged in 2020 should persist into the medium term, and the resulting increase of zinc inventories should gradually drag prices lower,” the analyst said in a recent report.
Short Link:
https://www.miningnewspro.com/En/News/617130/

Mining News Pro - The dead bodies of four out of eight missing miners have been found at a zinc mine owned by Trevali ...

Mining News Pro - Canada’s Hudbay Mineral has scored a small but key win in the United States after an Arizona judge ...

Mining News Pro - Mining and oil firms led an 11% jump in dividend payouts to a first-quarter record of $302.5 billion, ...

Mining News Pro - Trevali Mining said the eight missing miners, for whom rescuers have been searching since the ...

Mining News Pro - Iron ore price rose on Tuesday supported by supply concerns and shrinking portside inventories, while ...

Mining News Pro - Rescue workers have found no survivors in a rescue chamber deep inside a flooded zinc mine in Burkina ...

Mining News Pro - Gold prices bounced back emphatically on Monday as a retreat in US Treasury yields offset headwinds ...

Mining News Pro - The London Metal Exchange’s demand for details of private deals between its members and their clients ...

Mining News Pro - After a brutal two weeks that saw the copper price at an 8-month low, the bellwether metal bounced on ...
No comments have been posted yet ...