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Prices of zinc, used in industrial markets to galvanise steel, are on track to hit their highest levels since 2011.
Supply conditions are ‘super tight’ and the zinc price could hit $2,500 a tonne by March, according to Osamu Saito, general manager at Mitsui Mining and Smelting. However, a reversal of production cuts at Glencore (GLEN) could push prices back down to $2,100. ‘There’s nothing out there that we can see capable of driving prices below $2,000 per tonne,’ notes Saito in a Bloomberg interview.