2025.04.0815:47:18UTC+00Zinc Futures Approach 4-Year Low

Zinc futures have fallen below $2,600 per tonne, approaching their lowest levels since March 2021 due to increasing supply pressures and continued weak demand. The rebound in China’s zinc concentrate imports, driven by the increased output from the Kipushi and Ozernoye mines, has contributed to the situation, with smelters gradually boosting production. On the pricing side, Korea Zinc and Teck Resources have settled on a benchmark treatment charge of $80 per tonne—significantly lower than last year's $165 and the lowest in at least 50 years. Such a low rate would typically suggest a tight supply; however, it remains high relative to the recent negative spot charges. This discrepancy suggests that both miners and smelters anticipate a recovery in mined zinc output. At the same time, global demand remains stagnant, hampered by a slowdown in construction activity and increasing uncertainties stemming from U.S. trade policies.