Periodic trends metal refining

A useful summary of levels and trends in mine and smelter production, and of developments in refined metal consumption is provided by the industry metal balance. The balance can be drawn up for particular areas or regional markets, but most commonly covers the Western World, see Table 2.2. It pulls together the various elements of Western World lead supply and demand (including, separately, net trade with the Eastern Bloc in concentrates and refined metal), and focuses attention on the overall balance between them, with metal surpluses or deficits expressed in terms of an apparent change in stocks over a given period (usually a quarter or a year). In this way, the prevailing market position can be (fairly) accurately assessed and compared with developments in price and other market indicators (like reported stocks, turnover, etc). The construction of a metal balance also often forms the basis of forecasts of future trends in supply, demand and price (see Chapter 16). 

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