MYMETAL: COVID-19 hurts zinc demand, softening price
Jan 14, 2021 08:40
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China’s consumption of zinc ingot, already dampened for seasonal reasons during winter, is taking another hit with the recent resurgence of COVID-19 in North China’s Hebei province, a key production hub of galvanized steel and zinc oxide, Mymetal’s latest weekly report notes, imposing downward pressure on zinc prices. Mymetal is Mysteel’s data collection arm for non-ferrous products.
As of January 12, China’s national price of zinc ingot (at least 99.995%) as assessed by Mymetal decreased by Yuan 952/tonne ($147.1/t) from a recent high last Thursday to Yuan 21,311/t including the 13% VAT.
Until Thursday domestic zinc prices had moved up steadily last week, following the trend in the