For the Quarter Ending March 2024
North America
The North American region witnessed a mixed pricing environment for Zinc Ingot during Q1 2024. Several factors influenced market prices, including the decline in mining and production rates, tightening supply, and increased industrial demand. The overall trend for Zinc Ingot prices in the region was on an upward trajectory.
In the US, the third week of February witnessed steady pricing of Zinc Ingot in the local market, driven by a slight rise in inventories as mining rates decreased in neighbouring major mines. Despite a slightly challenging situation in the automotive sector, the US metal market experienced a surge in industrial demand, particularly as anticipation of a rate reduction by the Federal Reserve strengthened prospects for base metal inputs. In February and early March 2024, the US metal market experienced resilience in economic activities despite high inflation and modest growth in automotive sales. However, the US construction market faced challenges due to winter dullness and low domestic and international demand, leading to a persistently declining construction spending.
Moreover, the market continued to contract in mid-March, with concerns about imports in the face of low demand domestically. Furthermore, there was a price comparison between the first and second half of the quarter, showing a slight decline. This could be attributed to seasonal factors or short-term fluctuations in supply and demand dynamics. Overall, the pricing environment for Zinc Ingot in the North American region, particularly in the USA, has been positive during Q1 2024. Factors such as tightening supply, increased industrial demand, and recovery from previous year's declines have contributed to the upward trend in prices.
Asia-Pacific
The pricing environment for Zinc Ingot in the APAC region during Q1 2024 has been largely stable, with some notable fluctuations in certain countries. Overall, factors such as supply and demand dynamics, global market conditions, and industry-specific factors have influenced market prices. In Japan, the pricing of Zinc Ingot has seen significant changes during the quarter. The market has been primarily influenced by low demand from downstream industries, particularly in the automotive sector. This decline in demand has led to a decrease in prices. Additionally, economic uncertainties and geopolitical concerns have contributed to the cautious approach of buyers, further impacting prices. The price changes in Japan have also been influenced by seasonal trends. The first half of the quarter saw a decline in prices, while the second half experienced a slight recovery. This can be attributed to factors such as production adjustments, inventory levels, and market competitiveness. Compared to the same quarter last year, the prices of Zinc Ingot in Japan have decreased by a significant percentage. This decline can be attributed to the challenging market conditions, including low demand and excess supply. Overall, the pricing environment for Zinc Ingot in the APAC region has been negative, with prices experiencing declines in certain countries due to low demand, economic uncertainties, and geopolitical concerns. However, some stability and slight recovery have been observed in Japan towards the end of the quarter.
Europe
The Europe region witnessed a challenging first quarter of 2024 for Zinc Ingot pricing, with significant factors impacting market prices. Overall, the market experienced a downward trend, with prices declining compared to the same quarter last year. The previous quarter in 2024 also saw a decrease in prices. Germany, in particular, experienced the maximum price changes in the region. The market conditions in Germany were influenced by several factors, including a slowdown in production both locally and overseas, and lower demand from downstream sectors. leading to a surplus supply of Zinc Ingot. The declining economy in Germany further contributed to the negative pricing environment.
Seasonality played a role in the price changes, with a slight decrease observed between the first and second half of the quarter. This decline can be attributed to the persisting market trend for Zinc Ingot in Germany, as well as concerns among market players regarding the overall economic situation. In summary, the first quarter of 2024 has been characterized by decreasing prices for Zinc Ingot in the Europe region, particularly in Germany. The market has been influenced by factors such as surplus supply, a declining economy, and persisting market trends. Overall, the pricing environment has been negative and stable, with prices experiencing significant declines compared to previous periods.
For the Quarter Ending December 2023
North America
In the last quarter of 2023, the price of Zinc Ingot experienced an overall inclining trend in the US spot market. Initially, in October, the prices experienced a declining market trend across the USA as the production rate was higher by the end of the previous quarter. The major mining company, Nexa Resources, underwent an increase in Zinc extraction rate at the end of the third quarter, marking 8% growth from the previous quarter's data. This severely affected the price trend for Zinc Ingot in the US spot market.
Furthermore, in the other half of the last quarter, the trade disruptions and reduction in extraction rate amidst harsh winter weather lowered the supply of Zinc Ingot in the US spot market. The supply hindrance from the overseas market was observed as the previous Panama Canal drought continued to create a worrying situation among the buyers. Furthermore, the attacks carried out by the Houthi rebel group further increased the risk of shipping cargo, among the major traders in the USA and overseas.
The downstream demand from the construction and infrastructural development industries lacked interest as the winters and holiday period provoked the buyers to place low orders on a need-on-demand basis. Overall, the price of Zinc Ingot remained on an increasing trend in the last quarter. The final price for Zinc Ingot (99.9%) DEL Chicago in the USA ended at 3240/MT in December 2023.
APAC
At the end of 2023, the Zinc Ingot market showed an overall stable trend in the Japanese spot market as the firm downstream demand, coupled with the uncertain macroeconomic concerns across the globe, affected the price trend. Initially, the price of Zinc Ingot declined in October as the surplus supply across the globe backed the declining price trend. The Zinc extraction rate was on a higher edge, as the mills were mining at a higher rate. Meanwhile, the Japanese economy retained stability amidst a global surge in inflation, as utility companies tend to secure long-term supply contracts, which in turn stabilizes energy costs. This kept the inflation rate at a relatively lower level in Japan concerning the rest of countries across the globe. The demand from the downstream battery industries remained firm, resulting in overall stability in prices as Zinc-based batteries were expected to be an alternative to Lithium-ion batteries amidst the latest technological developments. Furthermore, the trade disruption created a fear of supply scarcity in the Japanese warehouses, amidst trade disruption through the Panama Canal and Red Sea route. The final price for Zinc Ingot (SHG-99% Pure) Ex Tokyo in Japan settled at USD 2738/MT in December.
Europe
In the fourth quarter of 2023, the price for Zinc Ingot declined in the German spot market as the demand from the downstream industries plunged amidst weak economic factors. In October, the Zinc Ingt prices initially declined as the supply rate got surplus, along with the increased Zinc extraction rate in the domestic and overseas mining regions. The weak economic condition severely affected the demand from the buyer's side as the lingering inflation rate and a manufacturing slump were expected to shrink further by 0.5 percent in the second half of Q4. The demand from the downstream automotive and construction industries fell as the housing sector plunged amidst lower sales rates, along with the later removal of electric vehicle subsidies by the German government in December. Downstream construction and infrastructure demand weakened as winter interrupted manufacturing processes. By the close of 2023, Zinc Ingot prices in the German spot market stabilized with a slight declining trend due to supply risk, caused by the trade disruptions through the Red Sea and Panama Canal route. The overall trend for Zinc Ingot prices showed a declining trend in the last quarter of Q4,2023. The final price for Zinc Ingot (99.9%) FD-Koblenz in Germany settled at USD 3866/MT in December.
For the Quarter Ending September 2023
NORTH AMERICA
In the third quarter, Zinc Ingot prices in North America rose due to increased demand from automotive industries and US federal interest rate announcements. Globally, prices fluctuated due to factors like overseas Chinese stimulus measures initially boosting prices, adjustments by US manufacturers, and stable supply levels despite disruptions in overseas mine operations during the monsoon season. Demand surged later, particularly from the battery and energy sectors, with prices rising in August driven by US battery plants for electric vehicles. Concerns over inflation and potential autoworkers' strikes tempered demand, stabilizing prices despite global economic pressures. Foreign mine production helped maintain sufficient domestic inventory levels, with weak global economic recovery and decreased demand from downstream industries keeping prices steady. In early September, prices held firm amid continued global economic pressures but eventually rose due to higher consumption rates and decreased production from a major Portuguese zinc site. Market trends were influenced by the expansion in electric vehicles and renewable energy, although prices remained susceptible to factors like the Chinese real estate market and hints of interest rate hikes from the Federal Reserve. At length, the price for Zinc Ingot DEL Chicago (USA) settled at USD 3134/MT in September ending in the US spot market.
ASIA
Zinc ingot prices in South Korea's spot market exhibited stability in the third quarter, primarily driven by decreased local and foreign demand due to economic factors, including inflation. The local battery industry experienced reduced consumption, and electric vehicle sales faced tough competition from Tesla and affordable Chinese alternatives. Furthermore, foreign market players, particularly from the United States and the Eurozone, saw a decline in purchase rates following a local government announcement of a 0.25% increase. This uncertainty prompted major market players to adopt a cautious approach. However, optimism prevailed for galvanizing plants, as the second quarter was expected to bring increased utilization rates, boosted by rising steel prices and improved production of galvanized pipes. Demand for zinc ingots in the downstream galvanizing industry continued to rise, leading to increased short-term price demands from steel mills and traders. In August, zinc ingot prices saw an upturn amid global economic uncertainties, driven by weakened electric car industry demand and an uptick in demand from new municipal contracts in the automotive sector. Supply disruptions caused by Cyclone Khanum and inventory adjustments affected the market, while foreign government interest rates stabilized global consumption rates.
EUROPE
The price of Zinc Ingot in the German market remained stable in the third quarter, largely due to firm inventories and weak demand from the automobile and battery industries. The automotive market faced competition from Tesla and Chinese car makers, resulting in sluggish demand for Zinc Ingot. However, the stability of electric vehicle sales in Germany and an increased reliance on renewable energy sources led to a slight increase in demand and prices. The macroeconomic factor of rising interest rates deterred buyers from placing large orders in the German spot market. Zinc Ingot inventory levels remained stable globally, with the Chinese stimulus contributing to price stability. Throughout August, the price exhibited fluctuations due to economic conditions and interest rate hikes. In September, prices increased as the supply reduced following a production curtailment by a major Portuguese zinc mining company. This prompted increased orders from the downstream automotive and battery industries. The overall Zinc Ingot market in Germany remained stable due to a balanced supply-demand outlook, but concerns arose regarding a Peruvian zinc miner's debt and Glencore's stake sale, potentially impacting future prices.
For the Quarter Ending June 2023
North America
In the second quarter of 2023, the price of Zinc Ingot decreased indefinitely amid declining demand from the downstream construction and automotive industry. The downstream construction sector faced sluggish market sentiment because of the seasonal decline, as the arrival of the monsoon affected the construction activity. The reduced construction activity limited the demand for Galvanized steels and ultimately increased the inventory level of Zinc ingot. Meanwhile, economic instability was observed in Q2, majorly due to the debt crisis caused by the downfall of major banks in the USA. The rising inflation across the country and global market created a pessimistic Zinc Ingot market. In the meantime, the inventory level of the feedstock Zinc remained at a higher edge as the mining activity rushed amid Terramin Australia Limited received the permit for the Tala Hamza Zinc Project, which increased the supply quantity. Additionally, Sibanye Stillwater, a major Gold-Zinc mining company in South Africa, has acquired the New Century Zinc mine in Queensland, which uplifted the extraction rate in the global market. Orion Minerals, a global metal exploring company, also increased the extraction rate by signing several new deals for mining upliftment. The downstream automotive industry lacked demand from the consumer’s side as the depriving economic condition halted the purchasing ability of residents for vehicles. Furthermore, the decreased consumption of natural gas and fuel due to rising inflation caused a decline in fuel prices. This plunged the energy cost for producing Zinc Ingot in the local smelting mills and declined the premium cost of Zinc ingot across the US spot market. The ripple effect of uncertain economic conditions and lack of downstream demand provoked the buyers to shy away from placing large orders, and the local Zinc Smelting units were incited to decrease the offer price of Zinc Ingot in the US spot market.
Asia
The second quarter of 2023 showed a decrementing price trend for Zinc Ingot as the economic condition dampened in the global market. The supply of feedstock raw material was on an inclining trend as the mining activity increased in overseas nations such as Australia and Peru. The Sibanye Stillwater occupies the New Century Zinc Mine in Australia, which increased the extraction rate. Polymetals Resources, a major Australian exploring company, has been putting efforts to bring the production line back in the Endeavor Zinc-Silver-Lead mine in New South Wales, Australia. The mining operation will resume in the Tala Hamza Zinc Project as Terramin Australia Limited receives mining permits to start mining operations. This increased mining activity resulted in the increased inventory level of feedstock Zinc and provoked the Zinc smelting mills to reduce their offer prices for Zinc Ingot. The downstream construction sector dampens as the global economic condition downturns. This reduced the usage of Galvanized sheets and hence declined the demand and price of Zinc Ingot. The mid-size construction companies plunging in South Korea declined due to increasing prices of other raw materials such as concrete and cement in the spot market. The South Korean economy was also on a lower trend as it barely avoided the tendency to move toward a recession, as the GDP grew 0.3% in Q1 as a result of improved trade and consumption. The uncertain and declining economic tendency provoked the buyers to shy away from placing large orders. The domino effect created by the decreased downstream construction demand and increased feedstock Zinc mining activity created a pessimistic market sentiment and incited the local Zinc smelting mills to decrease their offer prices across South Korea.
Europe
The price of German Zinc Ingots faced a continuous declining phase in the second quarter of 2023, as the inventory level remained on a higher edge amid declining consumer demands. The German Zinc Ingot market faced a sluggish sentiment as the production rate was high due to increased manufacturing activity in the Glencore Nordenham plant, a major Zinc Industry in Germany. Additionally, the inventory level was maintained at a higher level as the Portovesme plant in Italy also started its production line. Furthermore, the extraction rate of feedstock Zinc was at a faster pace, amid Sibanye Stillwater, a major Gold-Zinc mining company in South Africa, acquired the New Century Zinc mine in Queensland, which uplifted the extraction rate in the global market. Orion Minerals, a global metal exploring company, increased its production rate as the two major projects signing benefited the mining process. Meanwhile, Terramin Australia Limited had also received the permit for the Tala Hamza Zinc Project, which led to a surplus supply of imported Zinc in the German spot market. The declining economic condition across Europe led to the recession in Germany in mid-Q2. The H2 of the second quarter faced a drastic situation amid rising inflation which led the local buyers to decrease their offer price as downstream construction and automobile sectors plunged. The labor crisis across Europe became a major concern as it reduced the construction and infrastructural development activity across the German spot market. The buyers were hesitant to place large orders as they wanted a further clear view as to whether the prices of Zinc Ingot had hit rock bottom or not.
For the Quarter Ending March 2023
North America
In Q1 2023, the Zinc Ingot prices in the US market remained stagnant due to higher inventory levels and flat lead times amidst financial turmoil. The downstream manufacturers had raised their spot offer prices in January, but some buyers attempted to stick to their contracts. The demand remained steady, and some service centers were concerned that customers had pushed future demand forward to beat rising steel prices. Input demand fell, and materials became more readily available at suppliers, which resulted in inflationary pressures easing. The domestic zinc market demand was recovering, and the processing costs remained high, but zinc ore supplies were adequate. The supply and demand for zinc increased, with market participants claiming that zinc market demand exceeded expectations. In March, the zinc inventory generally showed an upward trend, and traders were concerned about a lack of systemic liquidity against interest rate hikes. As a result, the Zinc Ingot prices for Ex Chicago and CFR Illinois Port settled at USD 3268/MT and USD 3062/MT, respectively.
Asia Pacific
In the first quarter of 2023, Zinc Ingot prices showcased an inflated price trend in the Chinese market due to higher demand from the downstream galvanizing industry. However, the Chinese New Year Holidays resulted in few market inquiries from downstream players in January. In February, Zinc prices dropped, encouraging some downstream enterprises to purchase, and the overall trading market recovered to some extent. However, the supply of zinc ore smelting increased, and the demand growth was limited. In March, the turmoil in the banking sector added to the risks of bank failures and a slowdown in economic growth. Spot supply was tight in the market on low arrivals, and traders tended to purchase on rises instead of dips. The falling ferrous metal prices also affected new orders for galvanized plates/sheets and structures. Nevertheless, market players believe that consumption will be resilient for some time, considering the rigid demand during the ongoing peak season. The Zinc Ingot prices for FOB Tianjin settled at USD 3380/MT as a result of this trend.
Europe
The Zinc Ingot prices in the German market continued to rise in Q1 2023 due to high order books, long lead times, and limited imports. In January, downstream manufacturers pushed for higher prices, but buyers resisted due to a lack of end-user demand. In February, buying interest in the downstream Galvanized Plain Sheet segment was limited as buyers digested recent price increases. Domestic prices for downstream coil products were supported by strong order books from European mills, but traded volumes remained limited. In March, the banking crisis and depressed market sentiments caused concerns about future economic downturns and inadequate demand. Downstream consumption of zinc remained mediocre with no sign of significant increase. Domestic prices fell due to the cautious bearish stance of buyers. The Zinc Ingot (99.9%) prices for Ex Koblenz and FOB Hamburg settled at USD 4623/MT and USD 4675/MT.
For the Quarter Ending December 2022
North America
Due to continuous slow end-user demand in the US, the Zinc ingot market declined in the fourth quarter of 2022. Imports were restricted in the mid-quarter due to China's Golden Week holiday leading to a shortage of material available in the US market. According to market analysts, during the quarter, ongoing supply disruptions, high inflation, and China's zero-COVID policy helped alleviate general concerns about a recession and dampen hopes for a rebound in the United States. The US supply chain, however, showed a steady improvement later in the quarter as the recessionary fears eased and the ports experienced a significant drop in ship backlogs after a prolonged port backlog.
Asia-Pacific
In the fourth quarter of 2022, the domestic Zinc ingot market in China showed stagnancy despite the rising raw material prices. The export orders for China's industry producing Zinc ingot declined steadily in the mid-Q4 of 2022 due to the shutdown of industrial facilities for the Golden Week and staff shortage. The situation was further worsened by another rise in covid cases and consequent lockdowns. Consistent end-user industry demand during the fourth quarter has been mostly blamed for the overall pricing trend. Because they had enough inventory on hand, domestic producers and suppliers were able to meet all domestic demand for the whole quarter. Christmas holidays and the approaching Spring festival declined the market demand and industrial output.
Europe
The market prices of Zinc Ingot in the fourth quarter of 2022 followed the uptrend in the European market on account of increasing demand and limited inventories level in the regional market. Major manufacturers had to halt the operational rate in the German market due to elevated energy prices along with staff members. The manufacturers claimed that the price rose in order to meet the upstream industries' increased production costs as a result of rising energy prices. It was challenging for mills to reach their goal prices due to low demand from distributors and end users, notably the automotive industry, as well as from competitors' import offers. Due to the lack of end-user demand, however, spot buyers have not expressed much interest in making a purchase.
For the Quarter Ending September 2022
North America
In North America, Zinc Ingot prices witnessed a falling trend in the third quarter of 2022 amidst a weak demand outlook. In an inflationary environment, the US Federal reserve system raised the interest rates and kept them at a high level for an extended period. Furthermore, European zinc smelters have reduced output in response to recent increases in energy costs. Zinc prices varied depending on the mill and supplier. Throughout the quarter, the demand for the product declined. Lower Zinc Ingot demand was persistent due to economic uncertainty and a weak automotive sector. Towards the quarter's end, the final prices of Zinc Ingot were USD 3160 per MT, CFR Illinois.
Asia Pacific
In the Asian market, the Zinc Ingot prices showcased mixed sentiments throughout the third quarter. The fell in the early quarter due to the weakening overseas demand amidst the economic recession. Despite the effects of power rationing fading, the zinc oxide industries remained sluggish. Furthermore, traders significantly reduced premiums due to more locally available sources and an influx of low-cost sources. The Chinese market transaction was moderate overall. The operation of zinc smelters in Sichuan (China) decreased, as the supply of zinc on the market also slowed down in the regional market. Towards the quarter end, the prices of Zinc Ingot prices were assessed at USD 3566 FOB Tianjin (China).
Europe
In the European market, the Zinc Ingot prices followed the uptrend in the third quarter of 2022 amidst soaring energy costs and squeezed manufacturers' profit margins. Zinc market players showcased no signs of diminishing the prices in the European market as long as the conflict in Ukraine continues. Higher energy prices impacted the production cost, which relies heavily on zinc in the form of galvanized steel. Following Glencore's (GLEN.L) warning about an ongoing margin squeeze at its European smelters, zinc prices on the London Metal Exchange (LME) surged towards the quarter end. In Germany, the prices were assessed at USD 3945 per MT, FOB Hamburg, towards the third quarter end.
For the Quarter Ending June 2022
North America
During the second quarter of 2022, the Zinc Ingot prices witnessed mixed sentiments. Zinc Ingot's price skyrocketed over the first half of the Q2 of 2022 until May, then plunged in June. Zinc premiums in the United States reached all-time highs in May, owing to intense competition with Europe for available units and lower-than-expected output. Throughout the quarter, the extensive supply chain and prolonged port interruption hampered the supply system. Multiple ports were congested, with empty store shelves, idle plants, and billions of dollars in goods stuck in overburdened distribution networks. In addition to the combative signals from the US Fed, which signaled an interest rate hike and a reduction in the balance sheet in May, a lingering COVID pandemic in China had affected many aspects of the country, including transportation, demand, and other areas. After May, supply and demand began exacerbating as imports were restricted due to Chinese lockdowns.
Asia Pacific
Zinc ingot prices in the Asia Pacific region in Q2 2022 were volatile for various reasons. Prices in China increased slightly in the first half of Q2 due to higher zinc prices caused by the ongoing Russian invasion of Ukraine, which forced numerous zinc smelters to halt or reduce zinc production. Fears of a collapse in the economy 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. Exports continued to be impacted as the SHFE/LME pricing ratio improved in the second half. After May, the China producer pricing index (PPI) fell to 8%, the market turned negative, and prices became limited due to lower-than-expected downstream orders. Demand headwinds were generated by China's zero-COVID tight policy, energy-driven inflation, rising real US rates, and a strengthening dollar.
Europe
Zinc ingot prices in the European market showcased a sluggish trend during the second quarter of 2022. Despite the deterioration of the European market, premiums remained high as ongoing logistics issues weighed on regional consumer demand. Due to Europe's limited supply and logistical issues, zinc Ingot prices remained noticeably high this quarter. Customers are beginning to request order delays from [the third quarter] until 2023, indicating potential fragility. The downstream industries' offtakes remained consistent throughout the quarter, further strengthening the demand outlook. This was reflected in the Italian zinc market, where premiums fell from a record high during the second week of June, owing to a rise in bearish sentiment and weakening demand. As per market players, the premiums remained high for the remainder of the year, making it difficult for consumers to operate due to rising costs, such as energy.
For the Quarter Ending March 2022
North America
Zinc Ingot prices rose in the first quarter of 2022 across the North American region. Zinc prices soared beyond USD4,000 per tonne in the second part of Q1 to a 15-year high, propelled by increased energy costs and supply concerns. In mid-February, the price of zinc ingot was set at USD3520 per metric tonne. On March 7, the three-month zinc contract traded on the London Metal Exchange (LME) soared to USD4,247 per metric tonne, the site's highest price since records began in 2007. Zinc metal prices, on the other hand, have declined since their high on March 7, although they are still 7% higher than they were at the start of the year.
Asia Pacific
In the Asia Pacific region, the price trend of Zinc Ingot witnessed a marginal increment in Q1 2022 after the prices escalated from USD3305/mt and USD3375/mt from January to March 2022. Shanghai Metals Market (SMM) concluded with gains in overnight trading on Friday, March 11 in China during the first half of 2022, after the Federal Reserve signalled robust measures to combat inflation in the country. According to the SMM survey, domestic refined zinc output fell more than predicted in February due to a number of issues, including normal maintenance at some smelters in Yunnan and production unit suspensions due to Spring festival holidays. Overall, domestic smelters resumed steady output following the second week of February, adding to the market's supply. On the demand side, the end-user automobile and pharmaceutical industries saw significant offtakes throughout the quarter.
Europe
European Zinc Ingot market showcased mixed sentiments during the 1st quarter of 2022 amidst lack of supplies & firm demand from end-user industries. In the latter half of 2022, commodities traders raced upwards to capture a rare profit from shipping metals out of China as the war in Ukraine created shortages for European manufacturers who heavily relied on Russian supplies. The dramatic escalation of a global supply squeeze hit the European buyers hardest during H2 of 2022. Moreover, as the global inventories were running low, analysts and traders said that the unusual flow of metals from China to Europe only brought short-term relief while Russian shipments remained hobbled.
For the Quarter Ending December 2021
Asia Pacific
In quarter 4 of 2021, the pricing trend of Zinc Ingot demonstrated a state of stagnancy across the Asia Pacific region. In the Chinese domestic market, the prices of Zinc Ingot fluctuated around USD 3684/mt and USD 3300/mt FOB Tianjin from October to December. Several Chinese market players stated that the supplies remained affected in the month of November as Beijing imposed nationwide power curbs due to an array of factors, including rising energy prices and the nation’s commitment to cut carbon dioxide emission sharply by 2030, which affected the prices of Zinc in the country. The shortage of electricity increased the concerns regarding the restart of Zinc smelters, which led to the sharp gains in zinc prices, further affecting the market of Zinc Ingot across China.
Europe
The European market of Zinc Ingot mimicked the market trend of other regions during the fourth quarter of 2021. The demand for Zinc Ingot remained strong through Q4 amid limited supply in the region. Zinc metal prices reached all-time highs across Europe and jumped more than 5% in mid-December, followed by the supply concerns after Belgium-based Nyrstar said it would shutter its plant in France from January due to skyrocketing energy prices.
