The International Lead and Zinc Study Group (ILZSG) has revised its 2026 global refined zinc outlook from a previous 271,000-ton surplus to an 88,000-ton deficit, according to a report published by Yieh Corp. Steel News on October 30, 2026. According to the ILZSG figures cited by Yieh Corp., global refined zinc demand is expected to rise by 1.4% to 14.02 million tons in 2026, while supply is projected to increase by only 0.9% to 13.93 million tons.
Global zinc mine output is forecast to fall by 2.6% to 12.40 million tons, due to cutbacks at the Antamina mine in Peru, the Garpenberg mine in Sweden, and the Red Dog mine in the United States. Three-month zinc on the London Metal Exchange (LME) reached US$3,875 per ton on October 29, according to the same report. Yieh Corp. attributes the price level to tight concentrate supply and high European energy costs.
The tighter market is also feeding through to downstream processing. Yieh Corp. reports that Taiwanese galvanizers face rising processing expenses, with processing costs increasing from NT$2,800 to NT$3,300 per ton and potentially approaching NT$3,500 per ton. Source: Yieh Corp.
Steel News (yieh.com), citing ILZSG and LME data.
Source: yieh.com