ILZSG Data Highlights Global Zinc Supply Gap in 2025

However, declines were recorded in Brazil, Eritrea, Kazakhstan and the United States.

SEATTLE (Scrap Monster): International Lead and Zinc Study Group (ILZSG) has reported that the global refined zinc market recorded a deficit of 33,000 tonnes in 2025, according to its preliminary supply and demand data. The shortfall reflects tightening fundamentals despite higher mine output during the year.

Combined inventories held in London Metal Exchange (LME) and Shanghai Futures Exchange warehouses, along with stocks reported by producers, consumers and merchants, declined by 77,000 tonnes to 739,000 tonnes, signaling firmer market conditions.

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ILZSG: World Refined Zinc Market Reported Surplus in First Half of 2025

World zinc mine production increased by 5.4% in 2025, driven mainly by higher output in Australia, China, India, Iran, Peru, South Africa and the Democratic Republic of Congo, where the Kipushi mine ramped up following its commissioning in 2024. European production also rose, supported by expanded capacity in Russia and the restart of Ireland’s Tara mine. However, declines were recorded in Brazil, Eritrea, Kazakhstan and the United States.

Global refined zinc production grew by 2.1%, boosted by a 6.1% rise in China, while output outside China fell 1.6%. Meanwhile, global refined zinc demand increased 1.9%, with strong growth in China and India offsetting weaker consumption in select markets.

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