ILZSG：2025年1-10月全球锌市为供应过剩7.6万吨

Core Insights - The International Lead and Zinc Study Group (ILZSG) reported an increase in global refined zinc consumption in October 2025, reaching 1,219.3 thousand tons, up from 1,196.6 thousand tons in September 2025 [1] - The global zinc market experienced a supply shortage of 0.06 thousand tons in October 2025, an improvement from a shortage of 0.10 thousand tons in September 2025 [1] Consumption and Production Data - Global refined zinc consumption for January to October 2025 totaled 1,143.9 thousand tons, compared to 1,118.7 thousand tons during the same period in 2024, indicating a year-on-year increase [1] - Global refined zinc production in October 2025 was 1,218.7 thousand tons, up from 1,195.6 thousand tons in September 2025 [1] - Global zinc mine production in October 2025 reached 1,100.9 thousand tons, an increase from 1,087.7 thousand tons in September 2025 [1] Supply and Demand Balance - The supply-demand balance for refined zinc showed a surplus of 76 thousand tons for January to October 2025, compared to a surplus of 1 thousand tons in the same period of 2024 [1] - The refined zinc supply-demand balance in October 2025 was a deficit of 0.60 thousand tons, an improvement from a deficit of 1.0 thousand tons in September 2025 [1]