- Global zinc mine production increases by 6%
- Lead mining, refined metal output rise 1-2%
The International Lead and Zinc Study Group (ILZSG) has released preliminary data on global lead and zinc supply and demand in the first half of 2025 (H1CY’25, January-June), highlighting a surplus of 47,000 tonnes (t) in the refined zinc market. Despite the surplus, global reported inventories declined by 109,000 t over the same period.
Meanwhile, the refined lead market registered a surplus of 21,000 t in H1CY’25, with total reported global inventories rising by 26,000 t.
Highlights
Global zinc mining output rises
World zinc mine production increased by 6.3%, led by output gains in Australia, China, Mexico, Peru, South Africa, and the Democratic Republic of Congo, where the Kipushi mine commenced operations in June 2024. Europe also posted higher mine output, aided by the Vares mine in Bosnia and Herzegovina, the launch of the Ozernoye mine in Russia (September 2024), and the restart of the Tara mine in Ireland (October 2024).
Refined zinc metal output dips
Global refined zinc metal production fell by 2.1%. This was largely attributed to declines in Brazil, Kazakhstan, and Japan, where Toho Zinc’s Anakka operation closed. The Republic of Korea also saw reduced output due to a temporary suspension at the Seokpo smelter. However, these decreases were partly offset by higher output in Peru and Europe, with Boliden completing an expansion at the Odda smelter.
Refined zinc consumption inches up
Refined zinc usage rose 0.9% globally. Demand increased in China, India, and Europe, though these gains were partly offset by reduced usage in Brazil and the US.
China’s imports of zinc contained in concentrates dropped 48.3% to 1,215,000 t. Net imports of refined zinc metal stood at 180,000 t, down 36,000 t from the same period in 2024.
Lead mining, refined metal output rise marginally
Lead mine production grew 0.9%, mainly driven by increased output in Bosnia and Herzegovina, China, India, and Peru, partly offset by declines in Brazil, Kazakhstan, and the US.
Meanwhile, refined lead production rose 1.6%, supported by higher volumes in Canada, China, India, Mexico, and Sweden. These gains were somewhat offset by declines in Japan, Kazakhstan, and the UK.
Refined lead consumption grows
Refined lead usage increased by 2.3%, with notable demand growth in the Philippines, Taiwan (China), the US, and Vietnam. Europe also saw a usage boost, driven by the Czech Republic, France, and Germany, though consumption declined in Italy. India and Japan witnessed lower demand compared to the same period in 2024.
Chinese imports of lead in concentrate form surged 34% to 381,000 t. Net refined lead imports totalled 9,000 t, compared to net exports of 14,000 t in the corresponding months of 2024.
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