The World Bureau of Metal Statistics announced that the zinc market was in surplus by 347 kt during January to July 2022 which compares with a deficit of 115.1 kt recorded in the whole of the previous year. Reported stocks decreased by 68.3 kt during January and July 2022 which included a net increase in Shanghai of 39 kt over the period. LME (including off warrant) stocks closed 123 kt below the December 2021 level. Total LME stocks represent 16per cent of the global total with the bulk of the metal held in Asian and US warehouses. Demand is measured on an apparent basis and it is likely that the full effects of national lockdowns have not been fully reflected in the trade statistics.Global refined production fell in January to July 2022 by 0.4 per cent and demand was 6 per cent lower compared to the levels recorded one year earlier. Japanese apparent demand was, at 293 kt, 9.4 per cent below the equivalent total for January to July 2021.World demand was 6.0 per cent lower than from the level recorded for January to July 2021. Chinese apparent demand was 3646.0 kt which is 47 per cent of the global total. No allowance is made in the consumption calculation for unreported stock changes.July metal balances for slab zinc recorded production at 1106.4 kt and demand at 1152.4 kt.