The report by the International Lead and Zinc Study Group (ILZSG) shows that in 2024, the zinc market experienced a supply deficit of 62,000 tons. However, in 2025, supply and demand for zinc are expected to shift to a surplus. Regarding zinc consumption trends, observations indicate that iron ore prices on the Dalian Commodity Exchange (China) have declined for three consecutive days due to pressure from a bleak outlook for China’s steel exports and rising trade tensions with the U.S. However, steel prices have been supported by growing expectations of a new round of mandatory capacity cuts by the Chinese government in recent months.