Nyrstar’s shut Dutch smelter invigorates zinc bulls. zinc markets
on the London Metal Exchange spike to $3,819 a tonne on Tuesday, the highest since June 9 and a 24% gain since mid-July. It hit a record $4,896 a tonne in early March.
Last year, soaring power prices prompted Nyrstar to cut output by up to 50% at its three European zinc smelters – Budel in the Netherlands, Balen in Belgium and Auby in France.“The squeeze on European zinc smelter margins means further cuts in Europe and shortages. Prices are heading up,” a portfolio manager at a natural resources fund said.
Europe is estimated to produce up to 15% of global zinc supplies estimated at around 14 million tonnes this year. “Zinc output losses in Europe have outpaced demand losses. Traders will be forced take metal out of the LME system. This is where it will have the biggest and most immediate impact,” said Bank of America analyst Michael Widmer.
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