Insight
Zinc: Things to look for in 2025
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Report summary
The zinc market starts 2025 with unprecedently low China spot treatment charges and the prospect that zinc miners will push this year's annual benchmark TC contract to an all time low. Smelters in China are already under pressure and this year's annual treatment charge contract is likely to see the pain spread to rest of world plants. The question is how will smelters respond and will the pressure ease as new mines and expansions ramp-up in the coming months, or will mine supply disappoint again and smelters suffer for longer. Meanwhile, the global economy remains fragile, and the incoming Trump administration represents a key uncertainty that has the potential to affect global growth, its zinc demand and movements in the price. In this insight we look at the key factors that are going to influence the zinc market in 2025.
Table of contents
- Can miners deliver?
- Pressure on smelter margins to grow - more smelter production cuts looming?
- Demand disappointment
- Trump tariffs
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