Global zinc market remains in deficit in 2025, study group says

The global zinc market posted a deficit of 33,000 metric tons in 2025, down from a 69,000-ton shortfall in 2024, as rising production failed to fully meet demand growth, preliminary data compiled by the International Lead and Zinc Study Group showed on Tuesday.

Global refined zinc demand rose 1.9% to 13.86 million tons, driven by higher consumption in China, India, the US, Saudi Arabia, Thailand, and Europe, which offset declines in Brazil, South Korea, Peru, and South Africa.

Refined zinc production grew 2.1%, spurred by a 6.1% increase in China, while output outside China dropped 1.6%, ILZSG said. Declines were reported in Brazil, Kazakhstan, Mexico, and Japan, including the closure of Toho Zinc’s Annaka smelter and a temporary suspension at Korea’s Seokpo plant.

Zinc mine production climbed 5.4%, driven by higher output in Australia, China, India, Iran, Peru, South Africa, and the Democratic Republic of Congo, where the Kipushi mine began operations in mid-2024.

In Europe, mine output rose following the restart of Ireland’s Tara mine and gains in Russia and Bosnia and Herzegovina, outweighing declines in Brazil, Eritrea, Kazakhstan, and the US.

China’s imports of zinc in concentrates jumped 29.8% to 2.58 million tons, while net imports of refined zinc were halved to 210,000 tons, according to ILZSG.

Total reported zinc inventories, including stocks on the London Metal Exchange and the Shanghai Futures Exchange as well as those held by producers, consumers, and merchants, fell by 77,000 tons to 739,000 tons by the end of 2025.

(By Anmol Choubey; Editing by Paul Simao)