Zinc talks turn to Europe for a lead

摘要

In contrast to annual contract negotiations in the lead concentrate market, 'benchmark' terms were not formally settled at the International Zinc Association conference in mid-February. We had felt that there would be a swift conclusion to talks. However, we were also aware that Asian smelters were reluctant to agree first and concede too small an increase in TC, and then watch European smelters go on to secure a slightly greater increase. Asian smelters were disappointed that European smelters went on to secure a slightly greater headline TC, and smaller down escalator, in 2013 than they initially managed.