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Antaike Highlight: Zinc refineries in Yunnan cut capacity due to power limitation

2021-05-18 16:40:08

Beijing, May. 18 (Antaike)--Yunnan province has imposed policies to conduct power limitation on aluminum smelters recently, and Antaike gets to know that major zinc refineries there are also required to cut power usage by 10%, which will affect 10% capacity, and some even has to cut 30% of power usage.


According to Antaike’s investigation, zinc capacity in Yunnan was 1.24Mt. In our early output report, we estimate May zinc ingot output will be 440kt, of which Yunnan province will be 75kt, therefore zinc refineries in Yunnan province will all slash output to some extent, and some may delay output resumption or expansion. Accordingly, Antaike cut May output to 435kt, down 3kt compared with April.


China’s zinc refining capacity has been affected by various policies since 2021 and capacity utilization rate increases slowly, and we think disturbance on supply side will be seen throughout 2021, that’s why we slash refined zinc increment from 270kt to 180kt in 2021.


Lead and zinc mines and lead smelters are little affected by the power limitation policy in Yunnan, and enterprises in Sichuan and Guangxi are also in normal production.


Spurred by this news, SHFE active contract zinc price increased by a significant 4.64% today, reaching the highest of 23,535 yuan/t.




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