Zinc Outlook

Expert zinc market insights
Our quarterly zinc outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for the zinc futures and spot prices are analysed. Our research team produce a zinc price range forecast as part of the report.

Zinc Outlook – Q2 2023
While most of the idled capacity out of Europe is still absent, zinc prices continued to decline, falling more sharply than the declines that we have seen in natural gas prices. Demand for concentrate is expected to improve, resulting in a slight drawdown of concentrate stock. However, the decline is set to be marginal, given the increase in imported concentrate. Zinc to lead ratio has declined sharply, and we expect the demand story, especially in the galvanised steel and auto segment, to keep the ratio at lower levels. This should also weigh on zinc prices more in Q2 2023. Range: $2,300-3,000/t.
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