Latest Update in the SMM Zinc Market

Durham, NC -- January 28, 2026 -- The 2026 International Zinc & Zinc Oxide Conference returns to Orlando, Florida from February 22–25, bringing together more than 300 registered participants for the zinc industry’s premier global gathering. Hosted annually by the International Zinc Association (IZA), the conference offers unmatched opportunities for networking, knowledge‑sharing, and hearing the latest market intelligence shaping the future of zinc.

In 2025, the zinc industry embraced a new phase of comprehensive development. Domestically, resource security continued to strengthen, smelting technology achieved breakthroughs and upgrades, and policies precisely supported green transformation and stable growth. Overseas, ore supply steadily increased, supply chain structures underwent profound adjustments, and global market inventory and trade systems were simultaneously optimized. The domestic and overseas industry chains worked in synergy, driving mutual progress. The industry as a whole demonstrated a new development pattern characterized by quality improvement in the resource sector, upgrades in the smelting sector, policy support, and revitalization in the market sector.

[2025 Zinc Industry Chronicle: Strengthening Foundations at Home and Abroad, Zinc Ushers in a New Phase] In 2025, the zinc industry embraced a new trend of comprehensive development. Domestically, resource security continued to be strengthened, smelting technology achieved breakthroughs and upgrades, and policies precisely enabled green transformation and stable growth. Overseas, mineral energy was steadily released, and the supply chain landscape underwent deep adjustments. Global market inventory and trade systems were simultaneously optimized. The domestic and overseas industry chains exerted efforts in both directions and advanced collaboratively, presenting an entirely new development pattern for the industry as a whole—characterized by quality improvement on the resource side, upgrades on the smelting side, policy support, and revitalization on the market side.

[SMM Zinc Morning Comment] Overnight, SHFE zinc recorded a small bearish candlestick, with the KDJ gap narrowing. Overnight, geopolitical uncertainties increased, and SHFE zinc mainly fluctuated at highs. SHFE...

[SMM Morning Meeting Summary: Macro Sentiment Drives LME Zinc to Hit a Nearly Three-Year High] Overnight, LME zinc recorded a five-day winning streak, with the center of the daily candlestick shifting upward. Due to escalating tensions in Iran, gold prices hit new highs again, while aluminum and zinc prices rose significantly. As...

[Macro Disturbances Persist, SHFE Zinc Center Significantly Shifts Upwards] The most-traded SHFE zinc 2603 contract opened at 25,165 yuan/mt. After opening, bulls exerted force, continuously pushing SHFE zinc higher, and it touched a high of 25,640 yuan/mt towards the end of the session, finally settling up at 25,605 yuan/mt, an increase of 580 yuan/mt, a gain of 2.32%. Trading volume increased to 162,000 lots, and open interest increased by 433 lots to 118,000 lots.....

[SMM Zinc Morning Comment] Overnight, SHFE zinc recorded a bullish candlestick, with various moving averages providing support below and the KDJ indicator expanding upwards. The LME drove zinc prices to continue fluctuating at highs, coupled with TC remaining low and social inventory undergoing destocking...

[SMM Morning Meeting Summary: LME Zinc Records a Bald Bullish Candlestick Overnight, Center Rises Again] Overnight, the LME zinc contract recorded a bald bullish candlestick, with the MACD bullish candlestick expanding. As the US dollar fell to a nearly four-year low, and geopolitical instability provided support for zinc's bottom, while...

[End-Use Consumption Gradually Slows Down, Zinc Prices Hover at Highs] The most-traded SHFE zinc 2603 contract opened at 24,950 yuan/mt. After opening, bulls reduced their positions, causing SHFE zinc to fluctuate downward and hit a low of 24,710 yuan/mt. Subsequently, bears reduced their positions, and SHFE zinc fluctuated upward, eventually closing down at 24,950 yuan/mt, a decrease of 150 yuan/mt or 0.60%. Trading volume decreased to 109,000 lots, and open interest fell by 4,137 lots to 119,000 lots.....

According to the latest customs data, in December 2025, China's zinc oxide imports reached 788.67 mt, up 132.09% MoM and 113.96% YoY; exports for the same month were 2,925.06 mt, up 36.54% MoM and 102.46% YoY.