The United States produced 741,000 metric tons of recoverable zinc in 2024, a slight decline of 1.1% compared to the 749,000 metric tons produced in 2023. This marks a continuation of challenges in the zinc industry, including lower prices and reduced demand. Average daily mine production in December 2024 was 2,210 metric tons, a 47% increase from November but 11% lower than December 2023 levels.
The annual average North American price for zinc in 2024 was $1.44 per pound, a 5% decrease from $1.51 per pound in 2023. Similarly, the annual average North American premium to the London Metal Exchange (LME) cash price dropped by 41%, reflecting weaker market conditions and decreased global demand.
Despite these challenges, December’s monthly average North American premium to the LME cash price rose slightly to 17.5 cents per pound, up from 17.4 cents in November. However, this was still 20% lower than the December 2023 premium, indicating ongoing market softness.
The broader zinc market also faced global pressures in 2024. According to the International Lead and Zinc Study Group, global refined zinc production fell by an estimated 1.8%, while consumption increased by the same percentage, resulting in a production-to-consumption deficit of approximately 164,000 tons.
