ILZSG forecasts zinc and lead surpluses in 2027

The global refined zinc market could move from deficit to a surplus of 25 thousand tonnes in 2027. The International Lead and Zinc Study Group also expects the lead surplus to widen to 163 thousand tonnes, Interfax reported, citing its outlook.

The group estimates a zinc deficit of around 88 thousand tonnes in 2026. For next year, it forecasts demand growth of 1.2 percent to 14.19 million tonnes and production growth of 2 percent to 14.21 million tonnes.

Europe, India and the United States are expected to support zinc demand. China’s demand growth is forecast to slow from 1.8 percent this year to 0.3 percent in 2027 as property investment weakens.

The lead surplus is forecast to widen from 90 thousand tonnes in 2026. Demand in 2027 is projected at 13.92 million tonnes, up 1 percent, while output is forecast at 14.08 million tonnes, an increase of 1.5 percent.