Content |
Russian market
Copper mining
Main article: Copper mining and production
2023
2.1% reduction in tin production to 370.1 thousand tons
At the end of 2023, the production of refined tin on a global scale amounted to approximately 370.1 thousand tons. This is 2.1% less than the result for the previous year. The corresponding indicators are contained in the report of the International Tin Association (ITA), published on March 6, 2024.
It is said that in 2023, the ten largest companies accounted for approximately 59% of global tin production. Together, they increased output in relation to 2022 by 856 tons. The total metal production in mainland China on an annualized basis decreased by 1.3% - to 177 thousand tons. The report noted that secondary supplies globally rose 7.5% in 2023, recovering from a 6.6% decline during the previous year. The growth in the production of secondary refined tin was recorded in Europe and China.
The ranking of the largest tin producers is headed by the Chinese Yunnan Tin Co. (YTC): output in 2023 amounted to 80.1 thousand tons, which is 3.9% more compared to the previous year, when 77.1 thousand tons were delivered. Minsur from Peru is in second place with 31.7 thousand tons against 32.7 thousand tons in 2022: a fall in annual terms - 3.1%. Yunnan Chengfeng from China closes the top three with 21.8 thousand tons and an increase of 5.8% compared to 2022 (20.6 thousand tons).
 | In 2023, Chinese manufacturers Yunnan Chengfeng and Guangxi China Tin, which ranked third and sixth, respectively, saw moderate production growth. European metal maker Aurubis Beerse also showed positive momentum, the report said. |  |
The study notes that the difficult macroeconomic situation has a negative impact on the market. At the same time, an industry surplus of 9.7 thousand tons was formed.[1]
Zinc and lead production growth
In 2023, the production of refined zinc on a global scale reached 13.863 million tons. This is approximately 3.8% more than in the previous year, when the figure was 13.353 million tons. At the same time, in 2021, production was estimated at 13.894 million tons. Such data are presented in the study of the International Lead and Zinc Study Group (ILZSG), the results of which are presented on February 21, 2024.
It is noted that the growth is primarily associated with an increase in output in China. In addition, a rise was recorded in Mexico and Australia. On the other hand, production declined slightly in Japan and Norway, as well as in Germany (due to the suspension of the Glencore metallurgical plant in Nordenham).
Zinc consumption in 2023 increased by 1.7%, reaching 13.659 million tons against 13.426 million tons in 2022. Demand for this metal has increased in China and India, while demand in Europe, Japan, Turkey, the United States and Thailand has decreased.
In turn, the production of refined lead in 2023 reached 12.853 million tons: this is 2.8% more than in the previous year, when the value was 12.506 million tons. In 2021, as noted in the report, the output was 12.718 million tons. The increase in production was noted in Australia, China, Germany, India and the UAE, where new production facilities were put into operation. At the same time, the reduction was recorded in Bulgaria, Italy, Japan, South Korea, Russia, Kazakhstan and Britain.
Lead consumption, according to ILZSG statistics, rose by about 1% globally in 2023 - from 12.640 million to 12.761 million tons. Positive dynamics was recorded in Europe, India and China, while in South Korea, Turkey and the United States there was a drop.[2]
2022: Global tin production growth by 0.3% to 380.4 kt
In 2022, tin production on a global scale increased by approximately 0.3% compared to 2021. This is stated in a study by the International Tin Association (ITA), the results of which were released in mid-February 2023.
During 2022, the production of refined tin in the world reached 380.4 thousand tons. For comparison: a year earlier, this figure was 379.4 thousand tons. It is noted that, despite the unfavorable macroeconomic conditions affecting demand, global supplies of tin in 2022 remained stable.
At the same time, it is said that the rate of increase/decrease in production volumes differed significantly between companies. The leader of the industry remains the Chinese Yunnan Tin, which in 2022 produced 77.1 thousand tons of tin - 6% less compared to 2021. In second place is Minsur from Peru with a production volume of 32.7 thousand tons, which is 2.8% more compared to 2021. The Chinese Yunnan Chengfeng closes the top three, which on an annualized basis increased its output by 21.2% - to 20.6 thousand tons.
Overall, ten of the industry's leading players produced 56% of the world's total tin in 2022, compared with 59% in 2021, the ITA study said. The decrease in this indicator is partly due to the negative dynamics of the Indonesian company PT Timah, whose output fell by 25.3% - to 19.8 thousand tons (fourth place in the ranking). In addition, EM Vinto (Bolivia), Thaisarco (Thailand) and Aurubis Beerse (Belgium) demonstrated a significant decrease in metal production. The decline of these companies was partly offset by the positive dynamics of other leading suppliers - Malaysia Smelting (Malaysia) and Guangxi China Tin (China). It is reported that in general, Chinese metallurgical plants retained total production in 2022, despite problems.[3]
2021
Dynamics of metal prices at the end of the year: tin is the leader
Tin is the best exchange metal with 93% growth in 2021.
Iron ore has suffered a tumultuous collapse from above $200 a tonne to below $100, amid waning Chinese appetite.
After a tumultuous 2021 dominated by a shrinking supply, China's real estate-related economic downturn and a global energy crisis hinting at coming disruptions, metals are in for a new drama.
The contours of the main drivers of 2022 are already visible. Dangerously low inventories have become a major theme for all metals, a trend that will continue into next year - especially if the global economy continues to improve.
Beijing's measures to stimulate the economy could create a solid foundation for China's steel industry, while the Fed's tightening policy and steady inflation will hinder price increases elsewhere.
Expectation of aluminum shortage in the global market
In July 2021, the oversupply of aluminum, which has dominated the market and held prices back for more than a decade, is expected to go away, with buyers bracing for a new era of shortages and rising prices.
Demand for aluminium is projected to grow thanks to investment in the fight against climate change, with mega-producer China tightening controls on aluminium smelting to meet green targets.
Notes
| The site content is translated by machine translation software powered by PROMT. The machine-translated articles are not always perfect and may contain errors in vocabulary, syntax or grammar. Read original article If you find inaccuracies or errors in the results of machine translation, please write to editor@tadviser.ru. We will make every effort to correct them as soon as possible. |