Why is zinc price falling? 2023 (Complete Guide) they are still not aware
Why is zinc price falling? Many people have heard about zinc die casting. However, they are still not aware of how the industry works. According to the United Nations International Trade Commission (UNITC), global production of zinc increased by almost 6% in 2017. It reached 7.14 million tonnes.
The market for zinc is expected to remain stable during 2018. The production is expected to increase by 5% YOY. The US will be the largest producer of zinc followed by the EU. This will be followed by South Korea. Other large producers include China, India, and Mexico.
The demand for zinc is estimated to increase in all markets. However, some countries have been facing challenges with their economy. The UNITC expects a decline in world Die casting parts manufacturers demand next year. In fact, it anticipates that the production will fall by 2.4% to 11.09 million tonnes.
Why is zinc price falling?
The fall in production can be attributed to the decrease in demand and the increase in production. As a result of the high cost of zinc, the market has shifted to other materials such as copper and aluminum.
As per the report published by Mintel, global production of zinc is projected to reach 11.49 million tonnes by 2024. It is projected to grow by 2.8% next year. The total demand is expected to grow by 5.7% in 2025.