ILZSG：2025年全球锌市场供应短缺3.3万吨，而铅市场供应过剩7.0万吨

Zinc Market Summary - In 2025, the global refined zinc consumption is projected to reach 1,386.3 million tons, up from 1,360.8 million tons in 2024, with December consumption at 1,239.8 million tons compared to 1,214.9 million tons in November [2][4] - The global zinc market is expected to face a supply shortage of 33,000 tons in 2025, an improvement from a shortage of 69,000 tons in 2024, primarily due to production growth lagging behind demand [2][4] - Global refined zinc production is anticipated to grow by 2.1% in 2025, driven by a 6.1% increase in China's output, while production outside China is expected to decline by 1.6% [2][4] - The global mined zinc production is projected to increase by 5.4%, supported by growth in Australia, China, India, Iran, Peru, South Africa, and the Democratic Republic of Congo [2][3] Lead Market Summary - In 2025, the global refined lead consumption is expected to reach 1,356.3 million tons, an increase from 1,335.5 million tons in the previous year, with December consumption at 1,158.1 million tons compared to 1,150.8 million tons in November [5][6][9] - The global lead market is projected to have a supply surplus of 70,000 tons in 2025, widening from a surplus of 61,000 tons in 2024, as production growth outpaces demand [6][9] - Global mined lead production is expected to grow by 0.8%, with increases in China, India, Peru, Turkey, and Europe, while production in Australia, Kazakhstan, and the United States is anticipated to decline [7][9] - Refined lead production is projected to increase by 1.6%, benefiting from production increases in Canada, China, India, Mexico, and Brazil [8]