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Zinc Ingot Price Trend and Forecast

UNSPC code: 12111706
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⟳ Weekly Update
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Historical Data Since 2015
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Forecast for 2026
  • Commodity Pricing

zinc ingot Price Trends by Country

inIndia
cnChina
usUnited States
deGermany

Global zinc ingot Spot Market Prices, Trend Analysis and Forecast

Price-Watch’s most active coverage of Zinc Ingot price assessment:

  • Purity:99.99% Ex-Shanghai, China
  • Purity:99.99%(SHG) FOB Mumbai, India
  • Purity:99.995% Del Alabama, USA
  • Purity:99.995% FD-Willich, Germany

Zinc Ingot Price Trend Q3 2025

In Q3 2025, the global zinc ingot market experienced a significant price rise of around 3–5% seasonally against Q2 2025 driven chiefly by supply tightening from significant producers during maintenance shutdowns and lower production in China and Europe. Demand remained mostly stable to slightly improved from construction, galvanizing, and automotive sectors, particularly in Asia and North America.

Additional support to market sentiment derived from a modestly higher global manufacturing activity and improvement in investor attitude amid falling inflation. It appeared as if measures to rely on lower inventory levels from large exchanges like the LME were contributing factors in supporting prices in Q3 2025.

Germany

Zinc Ingot Domestically traded prices FD-Willich, Germany, Grade- Purity:99.995%.

The zinc ingot price trend in Germany during Q3 2025 showed a moderate upward movement, marking a 2% increase compared to the previous quarter. This price rise has primarily been driven by steady demand from the construction and automotive sectors, coupled with tighter supply due to maintenance shutdowns at several European smelters.

Energy costs remained elevated, adding to production expenses and supporting higher market prices. In September 2025, the price of zinc ingot in Germany have increased by 0.5%, reflecting sustained demand and limited spot market availability. Traders also noted increased interest from downstream manufacturers looking to secure supply ahead of potential disruptions.

Additionally, global zinc inventory levels continued to decline, reinforcing bullish sentiment. The German market remained influenced by both local consumption patterns and broader European supply chain dynamics.

USA

Zinc Ingot Domestically traded prices Del Alabama, USA, Grade- Purity:99.995%.

According to Price-Watch, The zinc ingot price trend in the USA during Q3 2025 showed a steady upward movement overall, marked by a 3% increase compared to Q2 2025. This price escalation was largely driven by tightening supply chains, increased demand from the galvanizing and construction sectors, and concerns over reduced smelter outputs globally.

Market participants reported a moderate revival in industrial activity during July and August, contributing to the bullish sentiment. However, in September 2025, zinc ingot prices in the US witnessed a slight correction as the price was decreased by 0.5%.

This minor dip has been attributed to improved inventory levels and a temporary slowdown in procurement activities ahead of the year-end. Despite this marginal drop, the overall quarterly outlook remained positive, with consistent buying interest and a stable downstream market supporting the price floor.

China

Zinc Ingot Domestically traded prices EX-Shanghai, China, Grade- Purity:99.99%.

Zinc ingot prices in China experienced a considerable increase in Q3 2025, advancing by nearly 7% from Q2 2025. Increased prices were largely attributed to tighter supply due to smelter maintenance combined with environmental controls in several key production areas, as well as decreased imports.

Ongoing demand from the galvanizing industry and ongoing Chinese government-funded construction activities supported solid demand in Q3 and contributed pressure on prices.

Prices retreated by about 4% in September 2025 as smelters resumed operations and market participants adopted a cautious stance in a market with weak downstream demand and improved inventories. Further, bullish sentiment observed in July and August weakened by quarter end.

India

Zinc Ingot Export prices FOB-Mumbai, India, Grade- Purity: 99.99%(SHG).

According to Price-Watch, In the context of Zinc Ingot price trend in India, Q3 2025 displayed an upward trend of 7% over Q2 2025. This influenced by decreasing domestic supply, increased industrial demand in galvanization and die-casting, and an uptick in infrastructure and construction work at post-monsoon year’s end.

Moreover, escalating input costs of Zinc Ingot, along with a weaker rupee to US dollar exchange rate, resulted in rising price points to support bullish sentiment. During September 2025, Zinc Ingot prices in India increased by 5% month on month, due to heavy procurement by lower levels of industry who expected further price increases to follow.

Additionally, there are contributing factors to the price movement present in the global market as zinc production from major exporting markets was disrupted leading to supply constraints.

Zinc Ingot Price Trend Analysis: Q2 2025

According to the PriceWatch, global zinc ingot prices fell by $3257 per metric ton Ex- Shanghai, a 6.81% drop in Q2 2025 a decline tied closely to rising supply, weak demand, and trade‐policy effects. A surge in mine output particularly from reopened sites like Kipushi and Ozerneoye added considerable volume to the market, pushing the LME benchmark treatment charge down from $165 to $80 per ton.

At the same time, weakened industrial demand in construction and manufacturing and a stronger U.S. dollar (which typically pulls down dollar denominated commodity prices by roughly $20 per ton for each 1% rise) compounded pressure on zinc. 

According to PriceWatch, Zinc ingots in India decreased by $3133 per metric ton FOB Mumbai, an 8.95% fall in Q2 2025. This sharper contraction compared to global averages reflects India growing domestic production Hindustan Zinc increased output, reducing import requirements. As a result, import volumes dropped 5.2%, easing pressure from overseas and amplifying local price adjustments. Furthermore, India recent tariff revisions cutting peak duty from 150% to around 70% on key raw inputs may have accelerated price decreases by influencing cost structures. 

In Q1 2025, the zinc ingot market saw a price decline of $3,496 per metric ton, Ex Shanghai representing a 1.35% drop. This decrease suggests a relatively high starting price point, with the percentage drop indicating a gradual correction rather than a sharp fall.

The price movement may be attributed to softening demand from major zinc-consuming industries such as construction and galvanization, alongside a slight oversupply due to ramped-up production in countries like China and Peru.

Additionally, global economic uncertainty and cautious industrial activity likely influenced market sentiment. Despite the dip, the relatively modest percentage suggests the market remains fundamentally stable, though it is adjusting to evolving supply-demand dynamics. 

In the first quarter of 2025, India’s zinc ingot market saw a price decrease of ₹3,456 per metric ton, FOB Mumbai reflecting a 5.12% drop amid rising domestic production and subdued demand growth. This decline was largely attributed to increased output from key Indian smelters, particularly Hindustan Zinc, which ramped up production to capitalize on earlier global price peaks.

Despite stable demand from infrastructure and galvanizing sectors, the market was weighed down by an oversupply situation and cautious purchasing behavior from downstream industries anticipating further price corrections. Additionally, lower import reliance due to strong local supply contributed to reduced pricing pressure.

As a result, the Indian zinc market in Q1 2025 was marked by softer prices, stable but restrained demand, and an overall bearish sentiment, with expectations of continued moderation unless external shocks or policy changes alter the supply-demand balance. 

Zinc Ingot Price Trend Analysis: Q4 2024

In Q4 2024, the global Zinc Ingot market experienced an upward trend in key regions, driven by increased demand from construction, automotive, and galvanization sectors. In China, robust industrial activity and infrastructure projects fueled a significant rise in zinc consumption, complemented by government initiatives to boost manufacturing output. Similarly, the United States observed an increase in zinc prices, supported by steady growth in the automotive and housing sectors alongside a focus on modernizing aging infrastructure.

Meanwhile, in the United Kingdom, zinc demand surged, driven by sustainable construction practices and recovery in industrial activities post-Brexit-related economic stabilization. Collectively, these factors contributed to the overall bullish sentiment in the global Zinc Ingot market during this period.

In Q4 2024, the zinc ingot market in India showed a steady recovery, marked by a 4.74% price increase amounting to ₹3,643 per metric ton. On the supply side, a reduction in domestic output, reportedly down by over 6% year-on-year, contributed to a tighter market. Meanwhile, demand remained resilient, driven by infrastructure development and industrial activity, especially in sectors like construction and automotive manufacturing.

Globally, supportive economic measures in key markets like China boosted investor confidence, adding to the bullish sentiment in the non-ferrous metals space. Additionally, geopolitical uncertainties and fluctuations in currency exchange rates added pressure on commodity pricing, reinforcing the rise in zinc prices.

This combination of firm demand, constrained supply, and external macroeconomic influences positioned the zinc ingot sector in India for moderate but meaningful gains as the year concluded.

In Q3 2024, the global Zinc Ingot market witnessed an upward trend across key regions, driven by robust demand and supply chain dynamics. In China, the increase was fueled by strong industrial activity and infrastructure investments, with rising demand from the construction and automotive sectors.

Similarly, India experienced a surge in Zinc Ingot consumption due to expanding manufacturing activities, particularly in galvanized steel production, supported by government-led infrastructure projects. In the USA, growth was attributed to increased construction and renewable energy projects, which spurred demand for corrosion-resistant materials.

The United Kingdom also observed an uptick, driven by the recovery of industrial production and demand from the automotive and construction sectors. Collectively, these regional trends underscored a global increase in Zinc Ingot demand, reflecting the material’s critical role in industrial and infrastructural advancements. 

In the third quarter of 2024, India’s zinc ingot market saw a sharp increase in pricing, with rates climbing by ₹3,478 per metric ton, an 8.92% rise. This price movement reflected tightening domestic supply amid strong demand, particularly from the construction and automotive industries, both of which experienced heightened activity during the post-monsoon rebound. The quarter also witnessed improved global sentiment, with international zinc prices firming up due to constrained output from key producing regions.

Domestically, operational efficiencies among producers like Hindustan Zinc contributed to better profit margins, despite fluctuating input costs. The blend of robust industrial demand, reduced cost of production, and external price pressures culminated in a buoyant market for zinc ingots in India during this period. 

In Quarter 2 of 2024, the global Zinc Ingot market experienced an upward price trend across key regions due to robust industrial demand and tight supply dynamics. In China, increased downstream demand from the galvanizing and alloy sectors, coupled with supply constraints caused by environmental inspections, drove prices upward.

The United States saw price hikes fueled by a rebound in manufacturing activities, especially in the automotive and construction sectors, alongside reduced domestic production due to temporary smelter shutdowns.

Meanwhile, in the United Kingdom, the ongoing recovery in industrial production and higher energy costs affecting smelting operations pushed Zinc Ingot prices higher. Collectively, these regional trends underscored the growing demand for Zinc Ingots, reflecting broader global economic recovery and supply-side constraints in the market. 

In Q2 2024, India’s zinc ingot market experienced a strong price rally, with rates climbing by ₹3,193 per metric ton, marking a notable 12.38% increase. This significant rise was fueled by a rebound in demand from infrastructure and automotive sectors, coinciding with seasonal recovery in construction activities. On the supply side, although production levels improved especially from major players like Hindustan Zinc logistics challenges and intermittent disruptions in raw material availability created temporary bottlenecks, tightening the market.

Additionally, global zinc prices showed an upward trend, influenced by a firming dollar and geopolitical concerns, which translated into stronger domestic pricing. Overall, the quarter reflected a bullish sentiment in the zinc ingot segment, underpinned by a combination of industrial demand, strategic inventory management, and favorable pricing dynamics. 

In Q1 2024, the global Zinc Ingot market exhibited a significant downward trend, with key regions like China, USA, and the United Kingdom all experiencing declining prices. In China, the decrease was primarily driven by sluggish demand from the construction and manufacturing sectors, alongside increased domestic inventories due to reduced exports.

In the USA, a drop-in industrial activity and cautious procurement strategies amid economic uncertainties contributed to weaker zinc prices. The United Kingdom faced a similar trend, with a contraction in industrial output and high energy costs further dampening market sentiment. Collectively, these regions reflected a global zinc market under pressure from subdued demand, oversupply, and economic headwinds. 

In the first quarter of 2024, India’s zinc ingot market experienced a decline in prices, with rates falling by ₹2,841 per metric ton, representing a 3.28% decrease. This downturn was influenced by several factors. Globally, zinc prices faced downward pressure due to increased production and narrowing market deficits. The International Lead and Zinc Study Group reported a narrowing of the global zinc market deficit, which contributed to easing price pressures.

Domestically, while Hindustan Zinc Ltd. reported its highest-ever first-quarter mined and refined metal production, the increase in supply did not coincide with a corresponding rise in demand, leading to a softening of prices. Additionally, the broader economic environment, including concerns over global economic growth and excess supplies, further weighed on zinc prices. These combined factors led to a subdued zinc ingot market in India during Q1 2024. 

Technical Specifications of Zinc Ingot Price Trends

Product Description:

Zinc ingots are refined blocks of zinc metal, typically 99.95% pure or higher, used as a raw material in various industrial applications. These ingots are produced through smelting and refining processes and adhere to international standards such as ASTM B6 for purity and composition. They are commonly used in galvanization, alloy production (e.g., brass), die-casting, and chemical manufacturing.

Identifiers and Classification:

  • HS Code – 790111


Zinc Ingot Synonyms:

  • Metallic Zinc Ingots
  • SHG Zinc Ingots (Special High Grade)
  • High Grade Zinc Ingots


Zinc Ingot Grades Specific Price Assessment:

  • Purity: 99.99%
  • Purity: 99.99%(SHG)
  • Purity: 99.995%


Zinc Ingot Global Trade and Shipment Terms

  • Quotation Terms (Product & Country Specific): 50-60MT,28-30MT and 15-20MT
  • Packaging Type (Product & Country Specific): Wooden Box


Incoterms Reference in Zinc Ingot Reporting

Shipping Term  Location  Definition 
Ex-Shanghai  China   Domestically Traded Zinc Ingot price in China 
FOB Mumbai  India  Zinc Ingot export from India 
FD-Willich  Germany  Domestically Traded Zinc Ingot price in Germany 
Del Alabama  USA  Domestically Traded Zinc Ingot price in USA 

*Quotation Terms refers to the quantity range specified for the Zinc Ingot being quoted or offered in a commercial transaction.

**Packaging Type refers to standard packaging size commonly used for Zinc Ingot packing, ease of handling, transportation, and storage in industrial and commercial applications.

Key Zinc Ingot Manufacturers

Manufacturer 
Glencore 
HZL 
Boliden Group 
Zijin Mining Group Co. 

Zinc Ingot Industrial Applications

zinc ingot market share end use

Historically, several events have caused significant fluctuations in Zinc Ingot prices

  • Global Supply Chain Disruption (2022): The war in Ukraine and other geopolitical tensions disrupted supply chains, leading to price volatility in various commodities, including Zinc Ingot. 
  • COVID-19 Pandemic (2019-2020): The global pandemic led to a significant decline in demand for Zinc Ingot-intensive industries, such as steelmaking and automotive manufacturing, causing prices to plummet. 
  • Global Economic Downturn (2019-2020): The global economic slowdown, particularly in sectors like steel and automotive, led to reduced demand for Zinc Ingot, resulting in lower prices. 

 

These events underscore the Zinc Ingot market’s vulnerability to global disruptions and highlight the need for continuous monitoring of supply-demand dynamics. 

Why PriceWatch?

PriceWatch is your trusted resource for tracking global zinc ingot price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the zinc ingot market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, PriceWatch keeps you fully informed of market dynamics.

In addition, PriceWatch provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With PriceWatch, you gain a competitive edge in understanding all the elements that influence zinc ingot prices worldwide. Stay ahead of the curve with PriceWatch’s reliable, accurate, and timely zinc ingot market data.

Track PriceWatch's zinc ingot price assessment on a weekly basis since 2015 onwards, along with short-term forecasts, and get access to the detailed report in a downloadable format.

Data Collection and Sources​

  • Real-Time Market Data: PriceWatch aggregates real-time pricing data from a diverse range of sources, including global commodity exchanges, industry reports, and proprietary databases. This ensures that our assessments reflect the most current market conditions. 
  • On-the-Ground Intelligence: Our team gathers insights directly from key market participants, including producers, suppliers, traders, and end-users, across major Zinc Ingot production hubs. This ground-level intelligence is crucial for understanding localized market dynamics. 
  • Supply Chain Monitoring: We track the entire Zinc Ingot supply chain, from raw material availability to production and distribution channels. This includes monitoring feedstock prices, production capacities, and transportation logistics. 

Event Tracking and Impact Analysis​

  • Geopolitical Tensions: PriceWatch continuously monitors global geopolitical developments, such as conflicts or trade disputes, which can significantly impact Zinc Ingot prices. Our analysis includes potential disruptions to supply chains and their immediate and long-term effects on pricing. 
  • Natural Disasters and Climate Events: We assess the impact of natural disasters, such as hurricanes or winter storms, on Zinc Ingot production facilities, particularly in vulnerable regions like the APAC coasts. These events are factored into our price forecasts and supply outlooks. 
  • Economic Shifts: PriceWatch evaluates macroeconomic trends, including global economic growth, inflation rates, and sector-specific demand (e.g., automotive, packaging, to predict shifts in Zinc Ingot demand and corresponding price movements. 

Production Capacity and Supply Analysis

  • Current Production Monitoring: We maintain a comprehensive database of global Zinc Ingot production facilities, tracking their operational status, maintenance schedules, and output levels. This allows us to assess current supply availability accurately. 
  • Future Capacity Projections: Our research includes detailed forecasts of upcoming Zinc Ingot production capacities, factoring in new plant constructions, expansions, and technological advancements. This helps in predicting future supply trends and potential price stabilization. 

Demand Forecasting

  • Sectoral Demand Analysis: PriceWatch provides an in-depth analysis of demand trends across key sectors, including packaging, automotive, and construction. We track year-on-year demand growth and project future consumption patterns based on economic indicators and industry developments. 
  • Global Demand Dynamics: Our methodology considers regional demand variations and how they influence global Zinc Ingot pricing. This includes understanding the impact of shifts in manufacturing bases, trade policies, and environmental regulations.

Pricing Model Development

  • Dynamic Pricing Models: PriceWatch utilizes advanced econometric models to forecast Zinc Ingot prices, incorporating real-time data, historical trends, and projected market conditions. Our models are continuously refined to enhance accuracy and predictive power. 
  • Scenario Analysis: We conduct scenario-based assessments to evaluate potential future market conditions. This includes best-case, worst-case, and most-likely scenarios, helping our clients prepare for a range of market outcomes. 

Reporting and Client Support

  • Comprehensive Reports: Our clients receive detailed reports that include current price assessments, future price forecasts, and in-depth analysis of market drivers. These reports are designed to be actionable, providing clear insights and recommendations. 
  • Ongoing Support: PriceWatch offers continuous updates and personalized support to our clients, ensuring they have the most up-to-date information to make informed decisions. Our experts are available to discuss specific market developments and provide tailored advice. 

This research methodology ensures that PriceWatch delivers the most accurate, timely, and actionable Zinc Ingot pricing assessments, helping our clients stay ahead of market trends and make informed business decisions. 

Zinc Ingot Market Price Trend provided by PriceWatch is a base price and excludes VAT/Taxes, discounts, or offers. The information herein is accurate to the best of our knowledge as of the date indicated and is provided solely for the convenience of our customers as a reference for zinc ingot. PriceWatch disclaims any warranties or representations regarding the accuracy of results derived from this information. It is the sole responsibility of the user to assess the suitability of the product for their specific application. This document does not constitute an endorsement to use the product in violation of any applicable patent rights.
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