For the Quarter Ending March 2025
North America
In Q1 2025, the North American zinc ingot market observed a generally firm tone, underpinned by global supply-side challenges and moderate demand. While regional industrial activity showed signs of revival, persistent supply tightness and logistical constraints played a pivotal role in shaping the price trajectory.
Focusing on the USA, zinc ingot prices witnessed a slight but steady increase throughout the quarter. At the start, prices firmed amid supply constraints and port disruptions caused by severe winter storms, which delayed container movements. By mid-quarter, improved industrial production and stable downstream demand supported further gains, despite easing ore shortages globally. A combination of declining LME inventories, projected supply-demand balance, and operational bottlenecks sustained upward momentum.
Toward the end of the quarter, domestic smelter output remained limited due to high energy costs and maintenance downtime, while demand from the galvanized steel sector continued at a steady pace. When compared to Q4 2024, the quarter-on-quarter price rose by 1.5%, with zinc ingot prices ending Q1 2025 at USD 3,448/mt CFR Illinois Port.
Europe
In Europe, zinc ingot market dynamics in Q1 2025 were shaped by shifting supply-demand fundamentals, economic headwinds, and geopolitical developments. The continent witnessed improved zinc supply conditions, aided by increased mining activity and normalized port operations post-holiday disruptions. However, demand across major sectors, especially steel and construction, remained subdued due to high interest rates and inflation. In Germany, zinc ingot prices showed a mixed trend—falling at the start of the quarter, stabilizing mid-period, and rising slightly by the end. When compared to Q4 2024, Q1 2025 recorded a 2.1% quarter-on-quarter price decrease, closing at USD 3404/mt FD-Koblenz. Despite stable domestic supply and marginal gains in manufacturing, demand from the construction and automotive sectors remained weak. The automotive industry faced a notable drop in new registrations, and construction suffered from a record-low pipeline of new orders. Energy costs and economic uncertainty further strained industrial activity. While short-term upticks occurred due to tight LME inventories and smelter disruptions, overall sentiment remained cautious, keeping price recovery limited.
APAC
The Asia-Pacific (APAC) region witnessed varied movements in the zinc ingot market during Q1 2025, influenced by fluctuating demand, holiday-related slowdowns, and shifting freight dynamics. While countries like China and South Korea saw steady supply flows, industrial activity remained uneven due to festive disruptions and global economic uncertainty. In Indonesia, zinc ingot prices showed a mixed trend—starting with a decline, followed by a slight rebound toward the end of the quarter. The drop in prices early in the quarter was driven by weak manufacturing demand post-holidays, reduced vehicle sales, and lower freight costs along the intra-Asia route. Market sentiment remained cautious as traders trimmed positions amid rising inventories and global supply stability. However, tightening LME zinc inventories and stable imports from key suppliers led to a price recovery by quarter-end. When compared to Q4 2024, the quarter-on-quarter price decreased by 3% in Q1 2025, with prices settling at USD 3435/mt CFR Tanjung Priok. Resilient downstream demand, particularly in construction and automotive, contributed to the price rebound, reflecting Indonesia’s steady industrial outlook.
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.
For the Quarter Ending September 2024
North America
The Q3 2024 period has been robust for Zinc Ingot pricing in the North America region, characterized by a sharp increase from the same quarter last year. This uptrend was influenced by a confluence of factors. Supply constraints due to ongoing supply chain disruptions globally have led to a temporary reduction in zinc ingot availability, exerting upward pressure on prices.
Moreover, logistical challenges, raw material shortages, and transportation delays have exacerbated the supply-side bottleneck, contributing to the price surge. On the demand side, resilience in consumption from key downstream sectors like construction has helped counterbalance supply disruptions, maintaining the upward pricing trend.
Within the USA, which experienced the most significant price changes, the quarter saw a 1% increase from the previous quarter. Notably, a 4% price difference between the first and second half of the quarter was observed. The latest quarter-ending price for Zinc Ingot in the USA stood at USD 3412/MT CFR Illinois Port, reflecting a consistent increasing sentiment in the pricing environment.
APAC
Asia's zinc ingot market demonstrated notable resilience in Q3 2024, with South Korea emerging as a key player in the regional landscape. The quarter showcased distinct market dynamics, with South Korea experiencing a 6% uptick between the first and second half, culminating in a positive 7% change from the previous quarter. The Asian market, particularly South Korea, exhibited a complex interplay of supply and demand forces throughout the quarter. Korea Zinc, a major industry player, maintained strong production levels despite facing ownership disputes that introduced an element of uncertainty to the supply chain. The demand side showed remarkable diversity, with initial strength in infrastructure and aerospace sectors, followed by a temporary lull in automotive and construction activities mid-quarter. The quarter concluded on a positive note, driven by robust performance in the housing and galvanizing sectors, supported by increased household lending. However, new government interventions in mortgage regulations emerged as a potential moderating factor. These market dynamics, coupled with strategic partnerships and sector-specific developments, shaped the quarter's trajectory. At the end of the quarter, Zinc ingot prices in South Korea closed at USD 3100 per metric ton FOB Busan.
Europe
Throughout Q3 2024, the Europe region witnessed a notable increase in Zinc Ingot prices, driven by a combination of factors influencing the market dynamics. The quarter has been characterized by a complex interplay of supply constraints and rising demand, leading to a significant uptick in prices. Supply disruptions, such as production cuts at key facilities and tightening raw materials supply chains globally, have contributed to the supply-side challenges. On the demand front, sectors like construction and manufacturing have shown varying levels of activity, impacting on the overall demand for Zinc Ingots. The quarter saw a 2% increase in prices compared to the previous quarter, indicating a positive trend in the market. Germany, experiencing the most significant price changes, has seen price an increase of 4% in the second half of the quarter as compared to the first. As the quarter concluded, the latest price stood at USD 3615/MT FD-Koblenz in Germany, reflecting a consistently increasing pricing environment driven by a combination of supply and demand factors.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American Zinc Ingot market experienced a notable increase in prices, driven primarily by supply chain disruptions and augmented demand dynamics. The quarter saw significant influences on market prices, including logistical challenges, elevated freight costs, and fluctuating metal supply due to global geopolitical tensions. The interplay of these factors created a complex pricing environment characterized by tight supply chains and a resilient demand structure.
Exclusively within the USA, the Zinc Ingot market depicted pronounced price volatility, reflecting the highest price changes in the region. The overall trends indicated a robust market sentiment with seasonality effects contributing to the fluctuations. The correlation in price changes highlighted the impact of limited supply and consistent demand across various industrial sectors, notably construction and automotive industries. Additionally, the price comparison between the first and second half of the quarter revealed a 3% increment, substantiating the progressive hike in prices.
Concluding Q2 2024, the quarter-ending price for Zinc Ingot (99.9%) CFR Illinois Port stood at USD 3375/MT, underscoring a positive pricing environment throughout the quarter. The consistent rise was largely due to constrained supply channels and increased demand, reflecting a bullish market sentiment. This period has proven favourable for stakeholders, marking a significant phase of price elevation in the Zinc Ingot market.
Europe
The second quarter of 2024 presented a dynamic landscape for Zinc Ingot pricing in the European market, marked by a nuanced interplay of supply and demand factors. The quarter witnessed an overall positive sentiment, driven by a variety of influences. A notable rise in global market prices and an increase in demand from critical industries like automotive and electrical were significant drivers. The sustained robustness of the electric vehicle segment and the heightened need for corrosion-resistant steel products underscored the upward pricing trajectory. Additionally, geopolitical tensions, notably the imposition of sanctions on Russian metal supplies and disruptions in freight logistics, further compounded supply constraints, contributing to higher prices.
Focusing on Germany, the country experienced the most pronounced price shifts within the region. The pricing trends exhibited a clear seasonal pattern with a marked increase in the second half of the quarter, reflecting a 4% rise compared to the first half. This trend underscores a strong demand uptick towards the latter part of the quarter, likely fuelled by strategic stockpiling and anticipation of continued supply challenges.
The latest quarter-ending price for Zinc Ingot (99.9%) in FD-Koblenz, Germany, was recorded at USD 3503/MT, encapsulating the upward trend seen in the latter part of the quarter. Despite the stable quarter-over-quarter change, the overall market sentiment in Germany was positive, driven by a consistent alignment of demand factors and a strategic response to supply chain disruptions. The increasing prices reflected a market environment that, although fluctuating, trended positively in the context of broader economic and industrial dynamics.
APAC
In the APAC region, Q2 2024 has witnessed a consistent increase in Zinc Ingot prices, driven by several critical factors. Key among these has been the supply-demand imbalance exacerbated by production constraints and rising industrial demand. The global demand surge, particularly from the automobile and construction sectors, coupled with supply chain disruptions, has placed upward pressure on prices. Additionally, the slowdown in zinc imports and the overall tightening of raw material markets have further influenced the pricing dynamics.
Focusing on Japan, the country has experienced the most significant price changes in this period. The overall trend in Japan points towards a robust pricing environment. Seasonality factors, such as increased production activities in response to favourable market conditions and heightened industrial demand, have played a substantial role in this trend. The price comparison between the first and second half of the quarter shows a 2% increase, underscoring the consistent upward trajectory.
The latest quarter-ending price for Zinc Ingot (SHG-99% Pure) Ex Tokyo stands at USD 2869/MT, reflecting an overall positive sentiment in the pricing environment. The sustained demand and strategic market responses have kept prices buoyant, highlighting a period of growth and stability for the zinc ingot market in Japan.
