The global zinc market in 2025 is characterized by a 93,000-ton surplus, driven by a 4.3% increase in mine output and 1.8% growth in refined production, while demand growth remains muted at 1.0%.
However, this apparent bearishness masks emerging tailwinds. The International Zinc Association (IZA) forecasts that zinc-ion battery adoption will surge from 1% in 2021 to 20% by 2030, driven by its role in renewable energy storage.
Additionally, solar energy applications are expected to account for a significant share of zinc consumption by 2030, creating a new demand vector.
While current oversupply pressures have kept prices rangebound - LME zinc closed at $2,738/mt in late July - structural demand from green technologies and infrastructure projects could catalyze a re-rating.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
