For the Quarter Ending September 2025
North America
• In the USA, the Zinc Ingot Price Index rose by 9.04% quarter-over-quarter, on tightening supply.
• The average Zinc Ingot price for the quarter was approximately USD 3656.00/MT across monitored trades.
• Zinc Ingot Spot Price remained sensitive to inventory draws and import flows, influencing near-term Price Index dynamics.
• Zinc Ingot Price Forecasts suggest further volatility as feedstock costs tighten and smelter margins compress.
• Zinc Ingot Production Cost Trend remains pressured by energy costs and TC movements, constraining profitability.
• Zinc Ingot Demand Outlook strengthens modestly as automotive galvanizing activity sustains refined consumption infrastructure spending.
• Zinc Ingot Price Index direction remains bullish on supply tightness despite occasional pullbacks in downstream demand.
• Zinc Ingot Spot Price volatility reflects logistics bottlenecks and regional stock movements across the Midwest.
• Price Index signals continued sensitivity to imports, with ILZSG trends and inventory levels driving divergence.
Why did the price of Zinc Ingot change in September 2025 in North America?
• Global supply constraints and sustained demand kept the market tight in September 2025 for zinc.
• Rising import availability and lower concentrate TC burden pressured domestic prices downward during the quarter.
• Logistics bottlenecks and port delays delayed deliveries, contributing to price volatility and temporary spikes later.
APAC
• In Japan, the Zinc Ingot Price Index rose by 9.61% quarter-over-quarter in Q3 2025, reflecting tight supply and demand.
• The average Zinc Ingot price for the quarter was approximately USD 3516/MT, reflecting blended weekly movements.
• Zinc Ingot Spot Price remained supported by steady regional demand and constrained supply dynamics in APAC.
• Zinc Ingot Price Forecast remains cautious due to balanced supply and recovering demand in the region.
• Zinc Ingot Production Cost Trend indicates elevated concentrate and energy costs supporting prices but pressuring margins.
• Zinc Ingot Demand Outlook remains positive in APAC due to infrastructure and automotive activity across the region.
• Zinc Ingot Price Index signals gradual firmness amid balanced to tight market conditions in APAC.
• Zinc Ingot Spot Price movements in Q3 were influenced by inventory adjustments and export demand dynamics.
• Zinc Ingot Price Index also benefited from seasonal demand upticks and improved regional logistics supporting price resilience recently.
Why did the price of Zinc Ingot change in September 2025 in APAC?
• Tight regional supply in Japan and APAC supported prices despite mixed macro indicators during the quarter.
• Strong downstream demand from construction and automotive sectors mitigated supply checks, maintaining buoyant sentiment into September.
• Currency effects and elevated input costs limited upside potential while global zinc markets remained cautiously firm.
Europe
• In Germany, the Zinc Ingot Price Index rose by 8.22% quarter-over-quarter, driven by tightening supply and logistical disruptions.
• The average Zinc Ingot price for the quarter was approximately USD 3537.33/MT, reflecting bargaining dynamics.
• Zinc Ingot Spot Price remains volatile as Production Cost Trend pressures European smelters amid high energy costs.
• Zinc Ingot Price Forecast signals cautious upside, tied to Demand Outlook improving modestly in construction and automotive sectors.
• Zinc Ingot Price Index shows regional divergence as imports and galvanizing demand influence quarterly throughput trends.
• Inventory levels and imports constrain Zinc Ingot Production Cost Trend, with energy costs and logistics driving marginal shifts.
• Zinc Ingot Demand Outlook remains mixed, supported by infrastructure projects yet tempered by auto sector weakness across Europe.
• Price Index signals fragile stability as European market navigates seasonal demand and import parity dynamics.
Why did the price of Zinc Ingot change in September 2025 in Europe?
• Supply tightness from logistics bottlenecks and Rhine transport constraints supported steady price pressure in Europe.
• Moderate downstream demand recovery in construction modestly mitigated by autos and housing slowdowns this quarter.
• Global surplus and import competition from cheaper origins capped gains despite rising domestic production levels.
For the Quarter Ending June 2025
North America
• Zinc Ingot Price Index in the region declined by approximately 2.0 % quarter on quarter in Q2 2025 versus Q1 2025.in prices across the region.
• Zinc Ingot Production Cost Trend: raw material and logistics costs eased slightly mid quarter due to freight rate declines, while domestic energy and smelter costs remained stable; overall production cost pressures softened but were not enough to prevent price falls.
• Zinc Ingot Demand Outlook: demand stayed subdued across construction and manufacturing sectors as downstream buyers leaned on existing inventories amid global economic uncertainty, resulting in muted procurement and weak spot market activity.
• By the end of the quarter, steady supply from imports (notably from Canada and South Korea), combined with ample inventories and easing freight rates, sustained downward pressure on the Zinc Ingot Price Index.
Why did the Zinc Ingot price change in July 2025 in North America?
In July 2025, Zinc Ingot prices increased in North America. LME zinc surged rising over several sessions around mid July as sharply declining global inventories (e.g. LME stocks fell by over 1 % to ~105,600 t) created tightness, while macro signals such as a softer US dollar, easing inflation expectations, and optimism about a Fed rate pause boosted commodity sentiment. That tightening supply backdrop reversed earlier bearish tone, prompting a rebound in Zinc Ingot Price Index in July.
APAC
• Zinc Ingot Price Index in APAC declined by approximately 5.0 % quarter on quarter compared to Q1 2025.
• The Zinc Ingot Production Cost Trend eased modestly: freight and raw material costs softened, while local smelting margins were squeezed due to a steep drop in processing fees (~52 %) and oversupply, limiting producer profitability.
• The Zinc Ingot Demand Outlook in Indonesia remained subdued early in the quarter, with weak demand from automotive and construction sectors relying on existing stocks. Toward mid quarter demand began to recover modestly via construction stimulus measures and renewable energy investments, and by quarter end industrial pickup—especially in galvanizing and housing—helped support stability.
• Zinc Ingot Price Forecast for the region points to potential stabilization in the medium term: if demand continues its gradual recovery and LME inventories tighten further, prices may moderate or edge up later in the year.
• Supply was characterized by steady domestic output and consistent imports from Australia, South Korea, India, and Japan. However, oversupply prevailed, reflected in inventory builds and depressed processing fees—keeping upward price movement in check.
• Demand for zinc ingots was weak initially, with buyers delaying procurement. Nonetheless, later in Q2, government construction incentives and renewable-energy-driven demand began easing inventory accumulation, although the automotive sector remained cautious.
• Elevated inventories both in Indonesia and globally, especially in China, led to persistent downward pressure on the Zinc Ingot Price Index through the quarter.
Why did the price of Zinc Ingot change in July 2025 in Asia?
• After July 1, 2025, LME zinc prices showed modest upside: on July 10, LME zinc closed around up about 1.26 % on the day, supported by low overseas inventories. In APAC, that translated into a slight increase in the Zinc Ingot Price Index in early July, as market participants priced in supply tightening amid slower arrivals and cautious downstream sentiment.
Europe
• The Zinc Ingot Price Index in Europe declined by approximately 4.4% quarter on quarter compared to Q1 2025.
• Within that quarter, Zinc Ingot Production Cost Trend remained volatile, driven by high and fluctuating energy costs across Germany and broader Europe, impacting smelter margins and refining operations.
• Industrial consumption recovery remained weak. Consequently, the Zinc Ingot Demand Outlook continued to be subdued due to ongoing softness in both construction and automotive sectors, and hesitant buyer behavior amid macroeconomic uncertainty.
• In Germany, Zinc Ingot Price started the quarter with a decline due to weak demand and steady supply flows; however, supply tightening and reduced LME inventories in May and June helped moderate the fall, stabilizing values by quarter end.
• Demand from downstream sectors showed only marginal improvement into mid quarter, but Zinc Ingot Price Forecast for Q2 remained cautious, with only potential for modest stabilization depending on any pickup in industrial activity and easing trade tensions
Why did the price change in July 2025 in Europe?
Europe saw a price increase in early July, LME zinc prices rose by about 1.3% on July 8 and 1.26% on July 10 as global inventories declined sharply, tightening available supply. Heightened trading volume and technical breakouts further supported the Zinc Ingot Price Index upward momentum. Additionally, tariff-related uncertainties and global trade tensions added to volatility and bullish sentiment in LME zinc pricing
For the Quarter Ending March 2025
North America
• The Zinc Ingot Price Index in North American market settled in Q1 2025 at USD 3,448/MT CFR Illinois Port, demonstrating a 1.5% increase quarter-on-quarter in comparison to Q4 2024.
• Why did the price of Zinc Ingot change in the US in April 2025?
Prices of Zinc Ingot increased initially in April 2025 in the US market, primarily due to continued tight supply conditions, logistical bottlenecks from winter storms, and stable downstream demand from galvanized steel and manufacturing sectors.
• The Zinc Ingot Spot Price strengthened through the quarter as declining LME inventories and high domestic smelting costs created upward pressure.
• High energy costs and smelter maintenance limited domestic output, influencing the Zinc Ingot Production Cost Trend upward.
• Demand from end-use sectors, especially galvanized steel, remained steady, supporting a moderately positive Zinc Ingot Demand Outlook.
• While global ore shortages eased, operational bottlenecks and moderate industrial revival in the U.S. sustained a firm pricing tone.
• The Zinc Ingot Price Forecast for Q2 2025 suggests modest upward movement if supply constraints persist and energy prices remain elevated.
Europe
• The Zinc Ingot Price Index in Europe concluded Q1 2025 at USD 3,404/MT FD-Koblenz, showing a 2.1% decline compared to the previous quarter.
• Why did the price of Zinc Ingot change in Europe in April 2025?
Zinc Ingot prices decreased in early weeks of April 2025 due to weak demand from construction and automotive sectors, despite slight supply-side constraints.
• The Zinc Ingot Spot Price showed mixed performance, with early-quarter declines followed by slight recovery toward the end.
• Increased mining activity and normalized port operations supported regional supply, but weak downstream demand caused stagnation in the Zinc Ingot Demand Outlook.
• The Zinc Ingot Production Cost Trend remained volatile, influenced by high energy prices and continued economic uncertainty.
• Despite tight LME inventories and smelter issues offering temporary support, overall sentiment remained bearish amid inflation and record-low construction orders.
• The Zinc Ingot Price Forecast for Q2 2025 remains uncertain, depending on economic stabilization and potential revival in automotive and construction sectors.
Asia-Pacific (APAC)
• The Zinc Ingot Price Index in APAC ended Q1 2025 at USD 3,435/MT CFR Tanjung Priok, reflecting a 3% quarter-on-quarter decline.
• Why did the price of Zinc Ingot change in Asia in April 2025?
Zinc Ingot prices decreased entering April 2025 in the Asian market due to weak post-holiday manufacturing activity, lower vehicle sales, and soft freight costs across intra-Asia routes.
• The Zinc Ingot Spot Price dipped initially but recovered slightly by quarter-end due to tightening LME inventories and improved import volumes.
• Holiday slowdowns and cautious trader sentiment led to excess inventories in early Q1, dragging down prices despite stable supply flows from China and South Korea.
• The Zinc Ingot Production Cost Trend remained moderate, though rising freight rates and energy fluctuations are potential risks ahead.
• The Zinc Ingot Demand Outlook is cautiously optimistic, backed by steady recovery in construction and automotive sectors, particularly in Indonesia.
• The Zinc Ingot Price Forecast for Q2 2025 signals possible stabilization if industrial activity continues to rebound and LME trends stay supportive.
For the Quarter Ending December 2024
North America
In the fourth quarter of 2024, zinc ingot prices in North America rose by 1.9% quarter-on-quarter, reflecting tight supply conditions and improving demand. This increase was supported by anticipated monetary policy relaxations and significant supply disruptions, including reduced output from Teck Resources' Canadian smelting facility following a fire. Strong production from the Red Dog mine in Alaska provided some stability, but global zinc supply deficits and operational challenges kept the market under pressure.
In the United States, the automotive sector, a major zinc consumer, faced declining production early in the quarter, though vehicle sales recovered later, rising 2.8% month-over-month by mid-quarter. Construction sector resilience supported baseline demand, with growth in residential and non-residential projects. The battery storage sector also contributed, reaching record capacity installations. However, challenges like high processing costs and economic uncertainty tempered demand recovery. By late in the quarter, zinc ingot demand strengthened due to rising freight rates and tight spot market conditions.
Despite global supply constraints easing slightly, domestic market dynamics supported higher prices. The quarter ended with Zinc Ingot (99.9%) CFR Illinois Port priced at USD 3462/MT, showcasing robust investor confidence and a balanced market heading into 2025.
Europe
Zinc ingot prices in Europe declined by 1.4% in the fourth quarter of 2024, reflecting subdued demand and ongoing economic challenges. Across the continent, high energy costs, weaker industrial output, and mixed signals from the construction sector weighed on market dynamics. Supply remained stable, supported by strategic inventory management and production optimization by European smelters, but persistent macroeconomic pressures dampened overall demand. In Germany, zinc ingot prices exhibited a sharper decline, influenced by key sectoral weaknesses. The construction industry, a major consumer of Zinc, faced declining activity, reduced new orders, and mounting insolvencies, exacerbated by high borrowing costs and economic uncertainty. Meanwhile, the automotive sector showed mixed performance; while overall car exports rose slightly by the end of the quarter, sluggish electric vehicle sales and reduced galvanized steel demand weighed on zinc consumption. Supply chain adjustments and inventory management helped maintain adequate availability, despite fluctuations in global zinc reserves and logistical challenges. By the end of the quarter, zinc ingot prices in Germany settled at USD 3414/MT. While cautious optimism remains for future recovery, demand from critical sectors like construction and manufacturing must strengthen to support any significant rebound in the zinc market.
APAC
In the fourth quarter of 2024, zinc ingot prices in the APAC region rose by 12% quarter-over-quarter, reflecting tightening supply and strong demand. Increased demand from China, driven by government stimulus measures, coupled with declining global zinc inventories, fueled this upward trend. The market sentiment was further bolstered by rising commodity prices amidst geopolitical tensions and currency fluctuations. In South Korea, the zinc market was shaped by corporate and industrial developments. The intense takeover battle at Korea Zinc led to a dramatic surge in its share value, reflecting heightened investor interest. Supply conditions were strained due to regulatory shutdowns at Young Poong’s Seokpo refinery and operational disruptions at Korea Zinc, compounded by rising electricity costs and global supply chain challenges. However, the completion of Korea Zinc's Onsan Smelter Rationalization Project helped improve its market competitiveness. Demand dynamics were mixed, with robust activity in shipbuilding, driven by significant orders and expanding shipping routes, supporting zinc consumption. However, challenges in the battery and construction sectors, along with political instability and economic uncertainty, created a volatile demand environment. South Korea's zinc market demonstrated resilience despite these complexities. By the end of the quarter, Zinc Ingot (99.99%) FOB Busan was priced at USD 3515/MT.
