For the Quarter Ending December 2025
North America
• In USA, the Zinc Price Index fell by 2.03% quarter-over-quarter, due to softening Chinese export offers.
• The average Zinc price for the quarter was approximately USD 3112.00/MT, reflecting import-dependent landed cost dynamics.
• Tight Pacific-Rim loadings tightened Zinc Spot Price, pushing a premium and supporting the domestic Price Index.
• Available supply and stable freight inform a cautious Zinc Price Forecast, suggesting mild weakness in Q1.
• Lower global ingot costs and increased smelter throughput influence the Zinc Production Cost Trend downward.
• Steady pharmaceutical and nutraceutical demand underpins the Zinc Demand Outlook, yet restocking interest remains restrained.
• Elevated inventories and diverted cargoes intermittently pressure the Zinc Price Index despite localized firm bidding.
• Operational shifts at North American processors and improved domestic throughput moderate upward pressure on the Zinc Spot Price.
Why did the price of Zinc change in December 2025 in North America?
• Reduced West-Coast arrivals after cargo diversions tightened immediate supply, elevating landed costs and premium bids in December.
• Stable freight but lower Chinese FOB offers reduced landed costs, pressuring domestic import parity and margins.
• Domestic inventory adequacy and slowing downstream restocking constrained buying, offsetting earlier tightness from low exchange stocks.
APAC
• In Japan, the Zinc Price Index rose by 7.94% quarter-over-quarter, amid smelter procurement and inventory draws.
• The average Zinc price for the quarter was approximately USD 3365.33/MT, reflecting steady volumes overall.
• Zinc Spot Price firmed amid drawdowns, and the Zinc Price Index signalled tighter supply-demand conditions.
• Zinc Price Forecast sees moderate easing post year-end, with seasonal procurement expected to temper upside.
• Zinc Production Cost Trend remained steady as treatment charges and freight stayed unchanged, supporting margins.
• Zinc Demand Outlook points to steady galvanizing and automotive offtake, though cautious buying limits restocking.
• Price Index movements reflected inventory draws, export flows, and concentrate delays, limiting smelter throughput availability.
• Operational restarts and yen depreciation elevated import costs; ports remained uncongested, preserving supply chain fluidity.
Why did the price of Zinc change in December 2025 in APAC?
• Concentrate arrivals were steady, but localized shortages and smelter drawdowns tightened prompt availability, lifting bids.
• Stable treatment charges and unchanged freight limited cost pressures, while yen weakness increased import costs.
• Front-loading by galvanizers, speculative futures-linked purchases, and cautious restocking sustained upward momentum into December markets.
Europe
• In Europe, the Zinc Price Index declined quarter-over-quarter, reflecting softer Chinese export offers and easing import replacement costs.
• Zinc market conditions remained import-led, with Asian-origin shipments and diversified sourcing shaping availability across major European hubs.
• Zinc Spot Price showed mixed movement, as localized tightness from delayed arrivals was offset by adequate regional inventories.
• Zinc Price Forecast signals mild near-term weakness into Q1, guided by sufficient supply coverage and restrained downstream restocking.
• Zinc Production Cost Trend eased globally, as lower ingot costs and improved smelter throughput reduced upstream cost pressure.
• Zinc Demand Outlook remained steady, supported by pharmaceutical, nutraceutical, and industrial usage, though buyers remained cautious on forward purchases.
• Zinc Price Index faced intermittent pressure from elevated stocks and redirected cargoes, limiting sustained upside momentum.
• Stable port operations and improved processing throughput across Europe helped moderate volatility in spot pricing.
Why did the price of Zinc change in December 2025 in Europe?
• Softer Chinese export offers reduced import parity levels, weighing on European pricing.
• Temporary shipment delays tightened prompt availability in select locations, lending short-lived support.
• Adequate inventories and cautious year-end buying limited restocking-driven price increases.
For the Quarter Ending September 2025
North America
• In USA, the Zinc Price Index rose by 2.77% quarter-over-quarter, driven by firmer import offers.
• The average Zinc price for the quarter was USD 3176.33/MT, based on CFR California assessments.
• Zinc Spot Price movements reflected volatile import offers and freight variability, pressuring short-term parity and margins.
• Zinc Price Forecast indicates modest upside through early Q4 as restocking slightly tightens exporter allocations.
• Zinc Production Cost Trend shows upstream concentrate pressures elevating landed costs and import parity margins.
• Zinc Demand Outlook remains mixed with steady pharmaceutical offtake but weaker nutraceutical and OEM procurement.
• Zinc Price Index volatility correlated with inventory swings, reduced exports, and periodic freight rate fluctuations.
• Near-term Zinc Price Index likely to remain range-bound absent upstream cost shocks or demand acceleration.
Why did the price of Zinc change in September 2025 in North America?
• Reduced Chinese export quotations and elevated inventories lowered import parity, applying downward pressure on domestic prices.
• Freight rate fluctuations and smooth port operations mitigated some cost increases, cushioning abrupt price movements.
• Muted pharmaceutical and nutraceutical demand alongside OEM destocking reduced immediate procurement urgency, tempering spot market strength.
APAC
• In Japan, the Zinc Price Index rose by 0.754% quarter-over-quarter, due to higher raw material and downstream demand.
• The average Zinc price for the quarter was approximately USD 3117.67/MT, based on Ex-Tokyo quotations.
• Zinc Spot Price strengthened in September amid LME drawdowns and tightening inventories, supporting premium Japan quotations.
• Zinc Production Cost Trend showed upward pressure as global raw material and energy inflation increased manufacturing expenses.
• Zinc Demand Outlook remains mixed with steady galvanizing demand offset by export inquiries, moderating Price Index momentum.
• Zinc Price Forecast indicates short-term range-bound behaviour, with modest upside risks if restocking accelerates in autumn.
• Zinc Price Index volatility reflected balanced domestic smelter output and import costs driven by USD/JPY movements.
• Supply balances were influenced by adequate concentrate arrivals and export demand, keeping spot availability broadly comfortable.
Why did the price of Zinc change in September 2025 in APAC?
• Rising raw material and energy costs increased domestic production expenses, exerting upward pressure on pellet quotations.
• LME inventory drawdowns and tighter warehouse stocks reduced market availability, supporting higher Japanese spot premiums.
• Weaker USD/JPY raised yen-denominated landed costs for importers, prompting upward revision of Ex-Tokyo supplier quotations.
Europe
• In Europe, the Zinc Price Index showed minor fluctuations quarter-over-quarter, influenced by balanced regional supply and steady industrial activity.
• In the Netherlands, Zinc Spot Price movements reflected consistent import flows and moderate upstream concentrate pressures, impacting short-term margins and parity.
• Zinc Price Forecast suggests modest upside through early Q4 as downstream restocking gradually tightens allocations.
• Zinc Production Cost Trend shows upstream concentrate and energy cost pressures maintaining elevated landed costs and import parity margins.
• Zinc Demand Outlook remains mixed with steady automotive and construction consumption but softer activity in some manufacturing segments.
• Zinc Price Index volatility correlated with inventory adjustments, intermittent export variations, and localized freight rate fluctuations.
• Near-term Zinc Price Index likely to remain range-bound absent significant supply disruptions or demand acceleration.
Why did the price of Zinc change in September 2025 in Europe?
• Balanced supply levels and moderate demand growth kept prices relatively stable with only minor adjustments.
• Freight rate stability and efficient port operations mitigated potential cost spikes, cushioning abrupt market movements.
• Steady sectoral demand alongside minor regional slowdowns tempered immediate procurement urgency, limiting spot market volatility.
For the Quarter Ending June 2025
North America
• The Price Index for Zinc Powder (Pharma Grade) in the U.S. declined further during July 2025 due to consistent oversupply and lagging downstream pharmaceutical demand across major consuming states.
• The Spot Price of Zinc Powder (Pharma Grade) in the U.S. during the third week of July 2025 stood at USD 3,420/MT, marking a continued decrease from early July levels.
• The Price Forecast for August 2025 suggests a prolonged bearish trend as no strong recovery in formulation-based demand or procurement momentum is anticipated in the short term.
• The Production Cost Trend remained broadly stable, with marginal declines in global zinc feedstock prices and slightly reduced domestic conversion costs, helping push offers lower.
• The Demand Outlook for pharma applications remained soft, with key buyers minimizing offtake and adopting a just-in-time strategy due to adequate stock positions and lack of immediate consumption growth.
• Why did the price change in July 2025?
• Prices declined due to subdued domestic demand, increased import availability from Asia, high inventory levels, and aggressive seller competition in the pharma supply chain.
• High inventory levels across pharma intermediaries and API blenders in the U.S. led to reduced spot inquiries and restrained restocking activity throughout the month.
• Procurement volumes were minimal, with distributors holding back on long-term contracts amid continuous price decline expectations and ample local stock.
• The overall supply-demand dynamics skewed toward oversupply, particularly with Asian suppliers continuing to offer competitively priced pharma-grade zinc to the U.S. market.
• Regional cues such as low freight costs, stable electricity inputs, and limited zinc derivative processing in July contributed to downward price pressure and muted procurement across pharmaceutical hubs in the U.S.
Europe
• Zinc Powder (Pharma Grade) Price Index in Germany showed a firm upward trajectory during July 2025, mirroring the bullish sentiment observed in North America.
• Spot Price for Zinc Powder (Pharma Grade) in Germany was adjusted upward due to increased procurement activity and supply-side cost pressures, especially from higher energy and labor costs within EU refining facilities.
• Price Forecast indicates a continued firm trend in early August 2025, supported by tight regional inventories and steady pharmaceutical-grade zinc requirements from formulators and contract manufacturers.
• Production Cost Trend moved higher across Germany as zinc ingot feedstock prices edged up due to limited imports and supply realignments within Europe, impacting margins for fine powder refiners.
• Demand Outlook remained positive, with major pharma buyers restocking inventories ahead of late Q3 formulation cycles, maintaining pressure on distributors to secure tonnage at prevailing offers.
• Why did the price of Zinc Powder (Pharma Grade) change in July 2025?
• Supply constraints from North American exporters, increased raw material costs, and steady pharma demand led to firmer price sentiment in Germany.
• Inventory levels in German warehouses declined in July as exporters redirected volumes to more profitable long-term contracts, constraining spot market availability and lifting prices marginally.
• Zinc Powder (Pharma Grade) producers in Germany adjusted offers upward to reflect higher operational costs tied to utility price escalation and regulatory compliance overheads in the EU.
• Procurement activity from Central and Eastern European pharma end-users remained robust, amplifying competition for limited spot lots and sustaining the elevated pricing trend through late July.
• Regional cues including tightening global zinc supply, strong North American demand, and steady EU downstream consumption reinforced a cost-driven bullish pricing pattern across the German market.
APAC
• In July 2025, the price of Zinc Powder (Pharma Grade) FOB Surabaya (Indonesia) increased from June levels, reversing the brief softening trend seen in late Q2.
• The latest Spot Price for pharma-grade zinc powder was assessed at USD 2850/MT FOB Surabaya in the final week of July 2025, compared to USD 2795/MT in June 2025, reflecting a firm upward shift.
• The price increase was primarily supported by a sharp rise in domestic zinc prices, which pushed production costs higher for local manufacturers, leaving less room for discounts.
• A continued depreciation of the U.S. dollar against the Indonesian Rupiah reduced exporters’ margins and prompted upward price revisions to maintain profitability in overseas markets.
• The demand outlook improved marginally with steady offtake from downstream pharmaceutical buyers, which helped reinforce firm buying sentiment and supported suppliers' bullish stance.
• Why did the price of Zinc Powder (Pharma Grade) change in July 2025?
• Stronger domestic zinc pricing, currency depreciation, and stable export demand pushed Indonesian producers to raise quotations and firm up FOB offers.
• Procurement momentum from Southeast Asian and Middle Eastern buyers remained stable, while reduced availability from competing origins created opportunities for Indonesian exporters to strengthen their position.
• On the supply side, no significant disruptions were reported, but tighter inventory management by key suppliers led to limited spot availability, allowing price strength to sustain through July.
• Export-oriented sellers leveraged the positive arbitrage created by local currency movement, targeting higher realization through strategic adjustments in FOB Surabaya offers.
• Overall, the market sentiment for Zinc Powder (Pharma Grade) in Indonesia remained bullish throughout July 2025, underpinned by cost-push factors and firm downstream support.
For the Quarter Ending March 2025
North America
In Q1 2025, the U.S. pharmaceutical-grade zinc powder market experienced a sustained downward pricing trend, reflecting prolonged oversupply conditions and restrained procurement activity. Prices opened January at USD 3,375 per MT CFR California and declined progressively through the quarter. Ample inventory accumulation in late 2024, driven by pre-tariff stocking ahead of anticipated trade policy shifts, contributed to the high availability that weighed on prices throughout the period.
January saw steady depreciation. Weakened export offers from China, limited domestic purchasing interest, and high warehouse stocks defined the bearish sentiment. The Lunar New Year holidays in China amplified supply chain caution, with U.S. buyers anticipating shipment delays while maintaining conservative purchasing strategies. February prices stabilized briefly, with a marginal increase to USD 3,365 per MT mid-month, supported by resumed Chinese operations and stable pharmaceutical offtake. However, by late February, values resumed their decline, amid softened demand and consistent inventory levels.
March deepened the price correction, with spot rates falling sharply by quarter-end. The continued drop was driven by surplus global supply, competitive Asian offers, falling freight costs, and subdued consumption in both pharmaceutical and nutritional supplement sectors. Despite the introduction of new import tariffs and rising geopolitical uncertainty, the U.S. zinc powder market closed Q1 with bearish momentum, shaped by high availability, weak downstream demand, and strategic inventory drawdowns.
Asia Pacific
In the first quarter of 2025, the Indonesian pharma-grade zinc powder market exhibited notable price fluctuations, shaped by shifting supply-demand dynamics, inventory conditions, and broader macroeconomic trends. Prices opened the quarter at USD 3,100 per MT FOB Surabaya in early January and remained stable through the month as producers maintained steady output levels amid balanced domestic consumption and regular procurement from pharmaceutical manufacturers. The supply chain operated efficiently, and stable operational costs supported consistent selling prices.
In February, prices showed a mixed trend, initially rising before undergoing a gradual decline throughout the rest of the month. Tightened inventories and stable downstream demand supported the early-February uptick. However, subdued global pharmaceutical procurement, oversupply conditions, and cautious inventory management by buyers placed downward pressure on values in the latter half of the month, with prices easing by month-end. Weakened international demand and competitive pricing strategies contributed to this bearish shift.
March began with a continuation of the downward momentum, as excess inventories persisted, and buyer sentiment remained conservative. However, by the end of March, the market reversed course with a moderate recovery. Strengthening domestic zinc prices, improving demand signals, and a rise in export enquiries supported renewed bullish sentiment. The rebound was further underpinned by consistent production output and balanced inventory positions, signaling cautious optimism heading into Q2 2025.
Europe
The German pharma-grade Zinc powder market experienced fluctuating price movements throughout Q1 2025, shaped by evolving supply dynamics, industrial activity levels, and broader macroeconomic influences. In January, prices reflected firm sentiment as buyers looked to secure early-quarter inventories amid anticipated logistical slowdowns tied to the Lunar New Year period in Asia. Stable offtake from pharmaceutical manufacturers, combined with tight vessel space and elevated freight rates, influenced early-quarter pricing behavior.
February brought a shift in market tone as stock availability improved and import flows stabilized. Many buyers slowed procurement due to adequate on-hand inventories, while a modest decline in logistics costs helped ease pressure on overall landed costs. Fluctuations in currency exchange rates, particularly the weakening euro against the U.S. dollar, continued to impact import economics and purchasing strategies. Pharmaceutical production remained steady, but cautious sentiment prevailed amid signs of economic softness across the Eurozone.
By March, prices showed further variability, largely due to softer demand signals and declining international offers from key exporting countries. Weaker activity in some downstream sectors and ongoing uncertainties in global trade dynamics weighed on procurement decisions. Despite some logistical relief and normalized shipping schedules, the market remained subdued under the weight of ample inventory and conservative purchasing. Over the quarter, the German pharma-grade Zinc powder market navigated through a transition from early-quarter firmness to more restrained conditions, driven by changing cost structures and moderated demand.
