According to customs data, in October 2025, China imported 340,900 physical tons of zinc concentrate, a month-on-month decrease of 32.56% and a year-on-year increase of 2.97%; from January to October, the cumulative import was 4.3489 million physical tons, a cumulative year-on-year increase of 36.59%.

On November 26, 2025, zinc stocks on the Shanghai Futures Exchange were 71620 tons, a decrease of 2199 tons from the previous trading day. Among them, stocks in Shanghai were 0 tons, flat; stocks in Guangdong were 39292 tons, a decrease of 723 tons; Jiangsu were 0 tons, flat; Zhejiang were 0 tons, flat; and Tianjin were 32328 tons, a decrease of 1476 tons.

JPMorgan has a structurally bullish view on the metals market in 2026/27, particularly bullish on copper, aluminum, gold and silver. It is bearish on the zinc market in 2026/27. It is expected that zinc prices will show a gradual decline and will drop to US$2650/ton in the fourth quarter of 2026, while the average price for the whole year of 2026 is expected to be approximately US$2800/ton.