ILZSG sees global zinc, lead markets in surplus in 2027
The global refined zinc market is expected to swing to a surplus of 25 000 metric tons in 2027 from a deficit of 88 000 tons this year, while the refined lead market surplus will widen to 163 000 tons from 90 000 tons this year, the International Lead and Zinc Study Group (ILZSG) said on Monday.
Demand for zinc is expected to rise by 1.2% to 14.19-million tons in 2027 owing to higher consumption in Europe, India and the US, ILZSG said.
In China, zinc demand growth will slow down to 0.3% in 2027 from this year's 1.8% owing to reduced investment in the real estate sector.
However, rising exports of manufactured products will continue to support industrial activity.
ILZSG expects global refined zinc production to rise by 2% to 14.21-million tons, while zinc mine production will add 3% to 12.78-million tons. Availability of concentrates will rise in Canada, Japan, Kazakhstan and Peru.
Global demand for refined lead is forecast to increase by 1% to 13.92-million tons in 2027 led by Europe, India and the US.
Refined lead supply will rise by 1.5% to 14.08-million tons, while mine supply would add 2.9% to 4.58-million tons.
In April, the ILZSG expected a zinc market deficit of 19 000 tons and a lead market surplus of 109 000 tons this year.
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