For the Quarter Ending March 2024
North America
In the first quarter of 2024, the pricing of pharma-grade Zinc Powder in the North American market exhibited a diverse pattern. Several factors contributed to this volatility, resulting in a nuanced shift in pricing trends. Specifically, in the USA, prices initially increased in January but experienced a subsequent decline in both February and March. After reaching $3640/mt in January, the price of pharma-grade Zinc Powder decreased to $3410/mt CFR California by March. Market dynamics were influenced by changing demand, product availability, escalating freight costs, and diminished imports from Asia. To tackle these challenges, U.S. authorities teamed up with industry stakeholders to enhance real-time monitoring of freight movements, with a particular focus on nutraceutical shipments from China.
The end of 2023 was marked by disruptions in supply chains and trade due to security concerns in the Red Sea, resulting in significant spikes in freight charges. These disruptions affected trade routes, leading to port congestion in the U.S. and disruptions in the Panama Canal, thereby impacting commodity prices. During the Chinese Lunar New Year holidays in mid-February, shipments were temporarily halted. Despite anticipating an uptick in demand for nutraceuticals, including Zinc Powder, following the post-holiday market recovery in China, the expected increase in the U.S. did not materialize as projected. Nonetheless, demand in the U.S. remained consistent until the latter part of Q1, buoyed by fresh inventory from local suppliers.
With an abundance of supply available, U.S. suppliers adjusted their price quotes and narrowed their profit margins in March. The declining prices in March were influenced by reduced demand from the pharmaceutical and nutraceutical sectors, along with declining freight charges. This reduced demand coincided with an oversupply of Zinc Powder from domestic sources, further complicating the market dynamics. Moreover, waning interest from Asian markets, particularly China, also contributed to the downward pressure on prices.
APAC
During the first quarter of 2024, the APAC region experienced a significant decline in pharmaceutical grade Zinc powder pricing. Several factors contributed to this market movement, including a supply-demand imbalance, reduced off-takes from key sectors like pharmaceuticals and nutraceuticals, and limited inquiries from both local and international markets. China, being a significant player in the Zinc market, witnessed notable price fluctuations. The overall sentiment in China was negative, with prices dropping by 8% compared to the previous quarter. Specifically, the price of pharma-grade Zinc Powder in China decreased from $3455 per metric ton in January to $2490 per metric ton EXW Shanghai by March, marking a decline of approximately 24%.
These price shifts underscore the prevailing bearish sentiment and the broader downward pricing trend observed in the region. The first quarter of 2024 presented a challenging market landscape for Zinc, characterized by subdued demand and abundant supply, which contributed to the downward pressure on prices. In China, which is the largest market for Zinc Powder in the APAC region, the price decline was particularly significant. The ripple effects of this price decline were also evident in other nations that import the commodity from China, further highlighting the interconnectedness of the regional Zinc market.
Europe
During the first quarter of 2024, the Zinc Powder market in Europe, particularly in Germany, displayed pricing trends that echoed those observed in the US and China, with prices declining consistently throughout the quarter. The European economy encountered several uncertainties during this period, including fluctuating energy costs and the implementation of interest rate hikes, which created a delicate market environment for Zinc Powder. These challenges complicated efforts to stabilize prices within the region.
Until mid-February, multiple factors influenced the Zinc Powder prices in Germany. The rising import costs from China, amplified by disruptions in the Red Sea and the Chinese New Year celebrations, added pressure to prices and resulted in decreased demand. Additionally, currency exchange rate fluctuations, such as the depreciation of the Euro against the USD, exacerbated the financial difficulties faced by German importers.
In summary, the Zinc Powder market in Germany was influenced by a confluence of factors, including inflationary pressures, federal taxes, supply chain disruptions, and escalating energy costs. These complex challenges contributed to the overall decline in Zinc Powder prices and created a challenging operational landscape for market participants in the region.
For the Quarter Ending December 2023
North America:
In the fourth quarter of 2023, the Zinc market in North America faced a decline, notably reflected in a 5% drop in Zinc Powder prices compared to the preceding quarter. Several key factors influenced this downturn, including decreased demand from end-users, elevated inventory levels, and weakened consumer confidence stemming from rising interest rates. The US Zinc Powder market experienced the most pronounced price fluctuations, characterized by instability due to subdued consumption and uncertain demand-supply dynamics.
Global trends, particularly in China, drove an upward trajectory in Zinc Powder prices worldwide, contributing to price hikes in the United States towards the quarter's end. Despite the resilience of the US labor market, marked by job gains and a reduction in unemployment rates, concerns over rising interest rates and inflationary pressures dampened consumer sentiment, impacting sectors like the dietary supplement industry. The quarter began with Zinc Powder prices at $3,600/MT and concluded at $3,540/MT CFR California, indicative of an overall decline. Import levels during Q4 2023 surpassed those of the same period in 2022, suggesting that retailers may have completed destocking and were preparing for the holiday season in December. The US economy's performance in 2023 was deemed noteworthy by quarter's end, despite apprehensions regarding inflation control and potential job losses. Successfully averting recession, the US economy showcased accelerated growth. In the final weeks of December, heightened consumer demand in the US, coupled with increased freight charges possibly influenced by external conflicts, drove upward price movements in the Zinc Powder industry.
APAC:
During the fourth quarter of 2023, the Zinc Powder market in the Asia-Pacific region displayed a varied trend, characterized by fluctuations in prices. Prices surged to $3,410/mt in October, then declined to $3,320/mt in November, before rising again to $3,390/mt in December. These fluctuations stemmed from a market imbalance caused by fluctuating demand from the pharmaceutical and nutraceutical industries. In contrast, India's nutraceutical market expanded due to improved economic conditions, heightened production levels, and increased new business inflows. Despite increased production, China witnessed notable price decreases during the mid-quarter period, attributed to sluggish demand both locally and globally. The diminishing interest in Zinc Powder from China's pharmaceutical and nutraceutical sectors was underscored by a lack of fresh inquiries from overseas markets in the initial half of the quarter. However, December brought attention to China's economy with improvements in the Purchasing Managers' Index (PMI) and increased consumer confidence, accompanied by a gradual price increase. Throughout the year, China's nutraceutical market experienced mixed outcomes, with certain product categories declining while others showed signs of recovery.
Europe:
During the fourth quarter of 2023, mirroring the trend observed in the US market, the European Zinc Powder market faced a decline in prices. Abundant supply levels had a negative impact on the market, as domestic businesses maintained substantial inventories to cater to demand and address concerns of potential shortages ahead of the December holiday season. However, prices did gain momentum towards the end of the quarter. Combinedly, diminished end-user demand and ample availability of Zinc Powder in the domestic market were significant factors contributing to the price reduction in the first half influenced by substantial stockpiles held by domestic companies, despite minimal shifts in market dynamics. A key driver of these market dynamics was China, a major exporter that reduced the price of Zinc Powder. As a result, German importers benefited from lower prices when sourcing Zinc Powder supplements, leading to a corresponding decrease in prices within the local market. Additionally, the absence of fresh inquiries from end-user industries such as nutraceuticals and pharmaceuticals nationwide prompted local sellers to offer the product at relatively reduced prices.
For the Quarter Ending September 2023
North America
Zinc powder (pharma grade) prices in the US witnessed an abrupt decline in the third quarter of 2023; from July to September, CFR values fell from $3980/mt to $3670/mt, indicating a pessimistic conclusion to the quarter. The unusually low downstream demand and the significant supply that market players had on hand were the primary causes of the significant price decline in the US market. Throughout the quarter, the US economy's growth worried the Federal Reserve since it suggested that inflationary pressures would get worse. The research claims that due to companies cutting down on hiring and production in response to a drop in new orders, the US manufacturing sector contracted in July for the ninth consecutive month. Local suppliers reduced their reliance on importing the commodity from abroad i.e., China, during Q3 in light of the abundance of zinc stocks in the home market. This hasn't accomplished anything other than encouraging the vendors to reduce the product's pricing. States participating in Soft Landing have benefited from Fed aid. Later in the second half, Summer found a number of encouraging economic signs that raised hopes that the US economy would avoid the recession that many had predicted.
Asia Pacific
Zinc powder price values in China's spot market showed a downward tendency during the third quarter of 2023; from July to September, negotiations saw a reduction from $3695/mt to $3420/mt EXW Shanghai. The extremely low end-user demand from the F&B, Pharma, and Nutra industries in both domestic and international markets, along with the considerable stock availability from local suppliers, have been the main drivers of this price drop. There were only few fresh inquiries seen throughout the period due to which the production output also remained on the lower side. In the first half of 2023, the world's second-largest economy developed more slowly than expected due to rising deflation, high rates of youth unemployment, and sluggish foreign demand. The arrival of China's golden week in late September, for whatever reason, had little to no effect on the nation's zinc powder market since, in contrast to other nutraceuticals, zinc powder costs stayed relatively low. Due to the strengthening of the Yuan and the declining value of the US dollar in the last weeks of the quarter, exporting nutraceuticals—in particular, zinc powder—had an impact on both domestic and international markets.
Europe
The European zinc powder market followed the North American and Asian price trends, with German prices also declining in Q3 2023. Throughout the quarter, the suppliers of Zinc powder reduced their quotes due to an excess of inventory levels that met the total demand, which was likewise on the lower end. German nutraceutical producers and distributors began reporting sharp declines in production, new orders, and factory prices in the third quarter of 2023, signaling that market had gone really bad. Another factor in the revenue decline was the steady, sharp decline in new orders—the biggest decline in over three years. Customers were being patient, which eventually led to lower stock levels and indicated a lackluster market for all products, including nutraceuticals. The geopolitical climate, more stringent banking regulations, and economic uncertainty all contributed to the decline in demand. According to PMI numbers, the eurozone's private sector shrank in September, even though the composite score increased slightly from 46.7 in August to 47.1 in September. The European Central Bank raised interest rates twice this quarter.
For the Quarter Ending June 2023
North America
The market for Zinc powder in North America displayed a stagnant price chart during the second quarter of 2023. Between April and June, CFR California prices modestly slipped from $4280 per metric tonne to $4250 per metric tonne, a fall of -0.7% over the quarter. The United States market commenced the second quarter on a positive note as the economy got better considering the fall in inflation rate by almost 5%, the lowest level in two years. However, stats still show the economy slowing substantially in the second half of 2023. Lower demand for pharmaceutical-grade Zinc Powder was seen in the USA as downstream nutraceutical and pharmaceutical companies stocked up. However, the country's Nutra sector showed an uneven market action pattern, driven by divided opinions on the cost of supplements. Although both market conditions and trading dynamics improved in the US, weaker inquiries for zinc across the country led distributors to offer it at lower prices. Inflationary pressures and the weak recovery in China dented confidence and dampened demand for zinc in the US," said one industry source. "We did not expect the zinc price to fall so low as to force mine closures this year." They added in a statement.
Asia Pacific
The Zinc powder market in the Asia-Pacific region showed a mixed pattern of price movements in the second quarter of 2023. EXW Shanghai prices first rose from $3870/t in April to $3920/t in May and then fell to $3790/t in June. This price decline started in the last weeks of May and became quite relentless as the demand for zinc powder from the downstream pharmaceutical and nutraceutical sectors declined globally and domestically. Chinese zinc powder producers were forced to sell the product at lower margins as both demand and consumer inquiries weakened. According to the Stats, China's manufacturing activity contracted for the third consecutive month in June, but at a slower rate. The June PMI also showed a number of imbalances and weaknesses, such as continued losses in both domestic and foreign demand, accelerating declines in business activity, and increasing pressure on the country's pharmaceutical and nutraceutical industries. In view of the state of the Chinese economy, manufacturers and sellers were cynical and produced products on the basis of demand.
Europe
In Europe, the zinc powder market showed stagnation in the second quarter, with prices initially rising in the first half and then falling in the second. Lower demand from downstream industries combined with large supplier inventories was one of the main reasons for this price reduction in the second half of the quarter in the German domestic market. In April, the cost of gas for power generation in Europe reached its lowest level since the beginning of the crisis. On the other hand, the market environment was severely affected by an unexpected rise in the unemployment rate in Germany in the month of June. Retailers stockpiled zinc powder to prevent potential future shortages, forcing them to reduce their margins later in the quarter to clear their inventories. German inflation rose again by more than 6% in June, but the country's Zinc Powder industry has not yet been affected. As in the rest of the world, market participants are treading water and remain skeptical about the country's economic situation.
For the Quarter Ending March 2023
North America
During the first quarter of 2023, the price trend for Zinc powder showed an increased tendency, with CFR California prices rising from $3913 per MT in January to $4250 per MT in March. Industry experts had predicted that the end-user F&B, pharmaceutical, and nutraceuticals industries would continue to navigate through mixed sentiments during the first quarter of 2023, given the market turbulence in the preceding quarter. The market dynamics in the US were kept in check, though, by continuous end-user demand for Zinc powder throughout the quarter and reasonable inquiries from downstream suppliers. Retailers in the United States benefited from the decrease in ocean shipping costs for imports in the second part of the quarter. When demand was high, carriers concentrated on the most profitable cargo and made record profits.
Asia Pacific
Zinc Powder market growth in the first quarter of 2023 was promising in the Asia Pacific region. When China decided to suspend the COVID-19 restrictions during the first week of January, the multitrillion-dollar economy, which had been struggling greatly over the previous four years, received a lift. Prices in China rose steadily from $3258 per MT in January to $3770 per MT in March EXW Shanghai in the first quarter of 2023. Following a one-week Lunar Holiday, the price of zinc powder in the local market for food, beverages, nutraceuticals, and pharmaceuticals witnessed a roll-over sentiment for two consecutive weeks in January. Throughout the quarter, the Demand and Supply picture also remained positive.
Europe
The first quarter of 2023 saw a robust start for the nutraceutical industries in Europe, thanks to an increase in orders and shipments from both domestic and international markets. Participants in the local market typically experienced positive arbitrage because Zinc Powder received frequent orders from the end-use market. The surprise reopening of China's COVID and the continued conflict between Russia and Ukraine lessened inflation pressures even though the European market seemed to be heading in the right direction.
For the Quarter Ending December 2022
North America
Zinc Powder market growth was observed in the fourth quarter of 2022 as a consequence of sustained end-user demand in the US. Between October and December, Zinc CFR prices in California increased from $3750/mt to $3960/mt. The Golden Week vacation in China caused imports to be restricted during the first week of October. Market analysts claim that during the quarter, persistent supply interruptions, excessive inflation, and China's zero-COVID policy all contributed to stoking broad recession worries and lowering recovery expectations in the United States. Prices for Zinc increased as China relaxed some COVID requirements, which raised expectations for a resurgence in demand in the second half. As risk assets rose and US inflation slowed as a result of loosening Chinese controls, Wall Street saw a rise. However, as the economy started to expand and the ports had a substantial decline in ship backlogs following a protracted port backlog, the US supply chain saw a steady improvement later in the quarter.
Asia Pacific
The domestic Zinc Powder market in China demonstrated an upward market momentum in the fourth quarter of 2022, with EXW Shanghai prices rising from $2910/mt to 3320/mt from October to December. Due to the closure of industrial facilities for the Golden Week, the export orders for China's industry producing Zinc Powder decreased steadily during the first week of October. The overall price trend has been largely attributed to consistent end-user industry demand throughout quarter 4. Domestic suppliers and producers were able to satisfy all domestic demand for the entire quarter as they had sufficient stocks on their shelves. Prices of metals, particularly Zinc, rose as China loosened some COVID regulations, raising hopes for a recovery in demand in the second-largest economy in the world.
Europe
The European Zinc Powder market continued to incline in the 4th quarter of 2022, with values coming to the assessment price of $3870/mt during October. Although rising energy and raw material costs made it difficult for the pharmaceutical and nutraceutical businesses to contemplate, demand remained on the positive side. Germany's industrial production increased just a little in October despite rising energy prices and supply-chain issues. However, COVID-19 issues as well as the conditions in Russia and Ukraine, all continued to have a detrimental effect on output.
For the Quarter Ending September 2022
North America
The third quarter of 2022 for the North American Zinc powder market started out poorly, with CFR California values assembled at $3420/mt in August. Values later improved, though, and eventually settled at $3510/mt in September. During the first half of quarter three, the weak domestic demand from the end-user industries, such as the pharmaceutical, personal care, and cosmetics sectors, has mostly been responsible for maintaining this price trend in the US. The power shortage in China brought on by prolonged heatwaves in the southern provinces, as well as the heightened operational pressure and shutdown of industrial units, also disrupted the dynamics of the US market in H2. Substantial rate rises by the US Federal Reserve in the second half, which pushed the US currency to fresh 20-year highs, badly damaged business optimism globally. Gains in metal prices were constrained by a strong dollar, which was bolstered by predictions of a major interest rate increase following an unanticipated spike in US consumer prices in August that affected the value of the nation's zinc powder.
Asia Pacific
Zinc Powder Values in China deescalated during the first half of the third quarter, with EXW Shanghai discussions reaching a settlement at $2520/mt, but they later effectively increased and reached a settlement at $2660/mt in September. The first half of the quarter saw a decline in demand from the end-user sectors in the local Chinese market. According to analysts, despite the greater price of coal, Chinese producers were still not making a lot of money. This lower price trend in China has been supported by both increased operating pressure due to insufficient market demand and a power deficit brought on by prolonged heat waves in the southern regions. In order to address the spot supply crunch in the domestic market, some smelters exported their products during the second half of this quarter, which increased the number of arrivals in the Shanghai market. This has had a favorable impact on the price trend of the Chinese market for Zinc powder. The last several weeks saw significant reductions in China's zinc production due to power problems, along with brief interruptions brought on by rationing in Sichuan province this month.
Europe
In the European region, the price trajectory of Zinc Powder mimicked the market trend of North America, with values settling at $2940/mt in July. The prolonged energy crisis, rising inflation, and ensuing worries about the outlook for economic growth caused the most significant drops in Europe during the third quarter. The biggest driver of inflation was still the cost of energy. Germany's logistical issues as a result of ongoing transportation bottlenecks exacerbated the third quarter's economic downturn. The situation in Europe deteriorated because of the ongoing port closures in China and the unrest in Russia and Ukraine. Due to the sluggish demand from end users of pharmaceutical and nutraceutical products, domestic retailers lowered their prices in the second part of the quarter.
For the Quarter Ending June 2022
North America
The value of Zinc soared over the first half of the second quarter of 2022 until May, and then it started to fall in June. Due to intense rivalry with Europe for available units and lower-than-expected output, zinc premiums in the US reached all-time highs in May. However, the extensive supply chain and prolonged port interruption continued obstructing the supply system throughout the quarter. Multiple ports were observed congested, with empty store shelves, idle factories, and billions of dollars worth of goods stuck in overloaded distribution networks. A lingering COVID pandemic in China has affected many elements of the country, including transportation, demand, and other areas, in addition to the combative signals from the US Fed, which in May signaled both an interest rate hike and a reduction in the balance sheet. After May, supply and demand both began to deteriorate as imports were curtailed due to lockdowns imposed in China.
Asia Pacific
Zinc powder prices in the Asia Pacific region in Q2 2022 showed conflicting feelings for several reasons. During the first half of Q2, prices in China somewhat increased on the domestic market due to higher zinc metal prices brought on by the ongoing Russian invasion of Ukraine, which forced numerous zinc smelters to halt or scale back zinc metal output. Fears that the economy may collapse in the second quarter of 2022 were sparked by a sharp slowdown in China's economic activity in April when lockdowns severely disrupted employment and industrial production. During the week ending April 29, prices in the market increased slightly as inventory levels in seven of China's major markets decreased. On the other side, declining LME zinc prices upset the market's equilibrium and caused SHFE zinc prices to decline. As the SHFE/LME pricing ratio improved in the second half, exports continued to be impacted. After May, the China producer pricing index (PPI) dropped to 8%, the market turned negative, and prices became limited because downstream orders were less than anticipated. An industry expert said, "Demand headwinds were generated by China's zero-COVID tight policy, energy-driven inflation, rising real US rates, and a strengthening dollar."
Europe
The second quarter of 2022 saw bearish sentiments on the zinc market in the European region. Despite the market's weakening, premiums remained high as ongoing logistics problems weighed on regional consumer demand. Due to a limited supply and logistical issues in Europe, zinc prices remained noticeably high over the quarter. According to a market analyst, several logistical obstacles and high energy costs support a high premium level. Customers are starting to ask to delay orders from [the third quarter] until 2023, which is a hint of possible fragility. Offtakes in the downstream industries were steady throughout the quarter, which is good news for the demand side. This situation was reflected in the zinc market of Italy, where premiums moved down from their record level during the second week of June, following a rise in bearish sentiment and weakening demand.
"I am not sure that premiums can maintain these high levels for much longer," one regional trader said. He added that if the premiums stayed high for the remainder of the year, it would be difficult for consumers to operate because of other rising costs, such as energy.
For the Quarter Ending March 2022
North America
The US Zinc market entered the 1st quarter of 2022 with positive sentiments as the CFR California prices escalated slightly from USD3420/mt to USD3490/mt between January and March. As a result of the military confrontation between Russia and Ukraine, trade between the United States and Asia was severely disrupted in mid-H1 of 2022. As the conflict ripples caused delays in the transportation of commodities and spurred higher shipping rates to the already congested ports in the US, several traders were seen keeping a tight eye on freight expenses. The increased demand for Zinc prompted a huge number of businesses to reopen after the CNY holidays, resulting in an increase in the number of orders from the United States. On the back of the uncertainty surrounding the Russia-Ukraine armed confrontation, risk aversion was observed to be rather severe in the second part of Q1. On the demand side, domestic offtakes from downstream sectors remained positive.
Asia Pacific
During Q1 of 2022, the prices of Zinc Powder improved marginally across the Asia Pacific region. In China, Zinc discussions for FOB Qingdao and Ex-Shanghai got fixed at USD2455/mt and USD2395/mt in the month ending March. Due to the rising number of Omicron variant cases in China, leading producers including NHU and ZMC declared forced closure due to the country’s zero-tolerance policy, which exacerbated the prices of several commodities across the country. In the second half of the quarter, during the Beijing winter Olympics and Spring Festival holidays in China, the demand for Zinc increased significantly from the food and beverage industries, which further supported the price trend in the spot market. The country's increasing energy prices, owing to coal shortages and a zero-tolerance covid policy, as well as pandemic preparedness, prompted delays in coal customs clearance, causing zinc prices to rise across the board. Furthermore, due to the Winter Olympics and the Lunar New Year, there were fewer working days in February, which contributed to the overall lower output.
Europe
During the 1st quarter of 2022, the prices of Zinc Powder hopped upwards across the European region on the back of the firm demand. However, lack of supplies somehow disrupted the market sentiments during the quarter. During the second half of first quarter, as the turmoil in Ukraine caused shortages for European industries who rely heavily on Russian supplies, commodity dealers rushed upward to benefit from a once-in-a-lifetime opportunity to transport metals out of China. In Q1, the sharp escalation of a worldwide supply crunch affected European customers the hardest. Furthermore, with global supplies running low, analysts and dealers said the unusual flow of metals from China to Europe only provided temporary relief, while Russian exports remained hampered. The prices of Zinc Powder were fixed at USD2560/mt towards the quarter end.
For the Quarter Ending December 2021
North America
During the 4th quarter of 2021, the market trend of Zinc demonstrated a state of stagnancy across the North American region. The prices of Zinc stabilized in the month of November and settled at USD 3560 per MT CFR California after gaining close to percent in Q3 on the back of weakened supply dynamics. The demand remained consistent throughout quarter 4 by several market participants while remarking that supply fundamentals gained strength in the wake of enhanced supply chains through high logistics availability and stability in fuel costs. The demand for Zinc in the US domestic market is likely to dip following the global demand pattern, which is expected to cause a price decline in Q1 2022.
Asia Pacific
In the Asia Pacific region, the price trend of Zinc Powder showcased mixed sentiments during the fourth quarter of 2021. In China, market players reported that supplies remained affected in November as Beijing imposed nationwide power curbs due to a slew of factors, including rising coal prices and the nation’s commitment to cut carbon dioxide emission sharply by 2030, which affected the Zinc prices across the country. The shortage of electricity increased the concerns regarding the restart of Zinc smelters, which led to the sharp gains in zinc powder prices in the week ending of November as prices settled at USD 2466/MT FOB Qingdao. The Chinese domestic market was heavily impacted in Q4 by the soaring energy prices power shortages in several provinces as zinc smelting is a major electricity consumer. In the month of December, the increased price competitiveness followed by the surged onboarding activities resulted in a decline in the Zinc prices as the Chinese manufacturers were destocking their inventories ahead of the year-end. In the Indian domestic market, the demand for Zinc remained strong in quarter 4, exceeding the production rate and inventories level of the country. The CFR JNPT prices of Zinc were assessed at USD 3942.60 per MT in December.
Europe
In Europe, the domestic market trend of Zinc witnessed an upward trajectory in quarter 4 of 2021 on the back of the strong demand and limited supply. The prices of Zinc reached historical highs across Europe and jumped more than 5% in mid-December on the back of the supply concerns after Belgium-based Nyrstar said it would shutter its plant in France from January due to soaring energy prices.
