“The International Zinc Study Group projects a slight surplus for this year. However, this surplus may or may not materialize depending on one key driver, which is the operating rates of Chinese smelters,” Cammarosano said. Zinc concentrate supply increased in 2025, with higher output from the Aripuanã mine in Brazil, the Kipushi mine in the Democratic Republic of Congo and the Ozernoye operation in Russia, but the additional volume was still insufficient to shift overall market conditions, according to Cammarosano. “[But] this new volume entering the market has not been enough to offset production disruptions, which ... (full story)