Zinc
The galvanizing metal protecting steel from rust, with mine supply aging and prices set in London.
Overview
About 13 million tonnes of refined metal are produced yearly, China the top producer, with Peru, Australia, and India following. A string of mine closures thinned concentrate and collapsed treatment charges before new mines rebalanced the ore market. Half of demand is galvanizing steel, so construction and auto cycles move it, with die casting alloys and brass following. The LME is the pricing hub, and low stocks invite drama, as in the 2018 squeeze when one holder controlled most warrants. Shanghai trades alongside London, and treatment charges between miners and smelters signal whether the bottleneck sits in ore or in metal.
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