International Lead and Zinc Study Group has issued forecasts for lead and zinc supply and demand for 2024 and 2025, following its 69th session in Lisbon, Portugal, on 26–27 September.
Lead usage
- Global demand for refined lead metal: up 0.2% to 13.13 million tonnes in 2024, up 1.9% to 13.39 million tonnes in 2025
- European demand: down 1.8% in 2024
- China demand: up 0.9% in 2024, up 0.5% in 2025.
Supply
- World lead mine supply: up 1.7% to 4.54 million tonnes in 2024, up 2.1% to 4.64 million tonnes in 2025
- China production: up 0.5% in 2024, up 1.5% in 2025.
- World refined lead supply: down 0.2% to 13.20 million tonnes in 2024, up 2.4% to 13.51 million tonnes in 2025.
World refined lead metal balance
- Surplus of 63,000 tonnes in 2024; 121,000 tonnes in 2025.
Zinc usage
- Global demand for refined zinc: up 1.8% to 13.83 million tonnes in 2024, up 1.6% to 14.04 million tonnes in 2025
- European demand: down 1.0% in 2024
- China demand: up 0.7% in both 2024 and 2025.
Supply
- World zinc mine supply: down 1.4% to 12.06 million tonnes in 2024, up 6.6% to 12.86 million tonnes in 2025. World ex-China production: up 8.9% in 2025
- Europe down 11.4% in 2024, up just over 30% in 2025
- World refined zinc metal production: down 1.8% to 13.67 million tonnes in 2024, up 3.9% to 14.19 million tonnes in 2025.
World refined zinc metal balance
- Deficit of 164,000 tonnes in 2024; surplus of 148,000 tonnes in 2025.
The ILZSG is a UN-based intergovernmental organisation created mainly to promote market transparency. It claims independence from the industry and is fully funded by 26 member countries, which have a combined share of more than 80% of world lead/zinc production and usage.
The Group’s forecasts are mainly based on information provided by member countries’ representatives in response to regular market surveys. Other sources include company reports, trade data, etc. that are used to produce country-level estimates added together to generate a global forecast.
