London — Global demand for refined lead exceeded supply by 39,000 mt in the first half of 2018, according to provisional data compiled by the International Lead & Zinc Study Group.
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Register NowOver this period, total reported stock levels decreased 41,000 mt, ILZSG added.
Global production from mines decreased 4.2% year on year to 2.258 million mt in H1 2018 from 2.356 million mt in H1 2017, the group said, attributing this primarily "to lower output in Australia, Kazakhstan, Peru and the United States that more than offset increases in Europe, Cuba and Morocco."
Global lead output increased 1.2% to 5.794 million mt in H1 2018 from 5.724 million mt in H1 2017, with ILZSG attributing this to rises in India and the US, whereas production fell by 0.4% in Europe and 3.7% in South Korea.
There was a slight 0.5% increase in global usage of the metal, with H1 2018 usage totaling 5.833 million mt, compared with 5.805 million mt in H1 2017, primarily as "a consequence of rises in Germany and the United States. Apparent demand in Indonesia and [South] Korea fell by 14.1% and 2.6%, respectively. In Europe, usage was the same as during the first six months of 2017," ILZSG said.
ILZSG said Chinese trade data for the months of April, May and June 2018 is currently unavailable. Therefore, where necessary, estimates have been made. When the actual trade figures are released it is likely the global balance will be revised, it said.
--Sarah-Jane Flaws, sarahjane.flaws@spglobal.com
--Edited by Keiron Greenhalgh, keiron.greenhalgh@spglobal.com