On Friday, April 25, the International Lead and Zinc Study Group (ILZSG) announced its forecast that both the refined zinc and refined lead markets will face supply surpluses in 2025, driven by increased production and moderate demand growth.
The group estimates:
Refined lead supply will exceed demand by 82,000 tonnes.
Refined zinc supply will exceed demand by 93,000 tonnes.
🔹 Refined Lead Outlook:
Global refined lead demand is expected to rise by 1.5% to 13.19 million tonnes.
Lead mine output is forecast to grow by 2.3% to 4.62 million tonnes.
Refined lead production will likely grow 1.9% to 13.27 million tonnes, supported by higher output in China, India, Mexico, and the United States.
🔹 Refined Zinc Outlook:
Refined zinc demand is projected to grow 1% to 13.64 million tonnes.
Refined zinc production is expected to grow 1.8% to 13.73 million tonnes, aided by improved zinc concentrate supply.
Zinc mine output, which had declined over the past three years due to planned and unplanned mine closures, is forecast to rebound by 4.3% to 12.43 million tonnes in 2025.
ILZSG’s projections reflect a return to higher output levels, especially as several major mines resume operations or ramp up capacity. The outlook suggests a more balanced but potentially oversupplied market in the near term, putting pressure on prices unless demand growth accelerates.
[Source – 上海有色网] ILZSG：2025年全球精炼锌和铅市场面临供应过剩 https://news.smm.cn/news/103300891
