The global zinc market experienced largely positive performance from January to June of 2023, as the price of zinc traded higher throughout the first half of the year. At the beginning of the year, zinc prices hovered just below $2400 USD/MT, before gradually increasing and approaching the year’s peak of $2680 USD/MT in April. This was largely driven by bullish sentiment in the market as healthy demand in both the industrial and consumer markets supported rising prices.
This positive growth trend was temporarily interrupted when weak macroeconomic indicators threatened zinc demand, however prices tempered and have been steady ever since, nearing $2400 USD/MT at the start of July. Despite these occasional bumps in the road, zinc prices have remained resilient throughout the first half of the year and are projected to remain stable in the short term.
Looking forward, analysts are cautiously optimistic about the outlook for zinc prices in the remainder of 2023. Given the growth in Chinese demand and a steady pipeline of industrial and construction projects, many are expecting the price of zinc to remain supported throughout the second half of the year and beyond. Despite the potential headwinds from macroeconomic risks, the continued robust demand for zinc makes it a great investment pick for the rest of the year.