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Zinc Gains As Russian New Zinc Mine Delays The Start Of Concentrate Production.
Zinc prices saw a modest uptick of 0.25% yesterday, settling at 217.55,
largely driven by developments in the supply side of the market. The delay in production start at Russia’s new Ozernoye mine, attributed to Western sanctions and a plant fire, has tightened near-term supply outlooks. Originally slated for production in 2023, the mine’s delayed start until at least the third quarter of 2024, with full capacity not expected until 2025, underscores the challenges facing the zinc market. However, sustained price rallies are contingent upon a significant uptick in zinc demand and a shift away from market concerns over projected surpluses, particularly in the context of zinc’s usage in galvanizing steel.
