The corporate produced 350,900 tonnes of zinc in H1, 47,500 tonnes (12%) decrease than H1 2021, primarily referring to the suspension of Portovesme’s zinc line in This fall 2021, as a consequence of excessive European energy costs.
Whereas dangers to industrial-metals demand are mounting, Europe’s energy disaster can also be weighing closely on the provision outlook, the corporate mentioned.
Zinc surged as a lot as 8.5%, the most important intraday achieve since March 8, ending the day up 4.4% at $3,420, the strongest since June 28.
Click on here for an interactive zinc worth chart.
“On the provision facet, the present power provide and worth surroundings pose a big risk, as Europe accounts for round 30% of ex-China steel manufacturing,” Glencore mentioned in its half-year earnings report.
“Most elementary indicators proceed to level to tight market circumstances, significantly within the West.”
(With recordsdata from Reuters and Bloomberg)