| Year | LME zinc (World Bank) | China, refined (HS 7901) | Refined as % of LME | China, concentrate (HS 2608) | Concentrate as % of LME |
|---|---|---|---|---|---|
| 2017 | $2,891 | $3,030 | 105% | $938 | 32% |
| 2018 | $2,922 | $2,942 | 101% | $1,089 | 37% |
| 2019 | $2,550 | $2,672 | 105% | $787 | 31% |
| 2020 | $2,266 | $2,336 | 103% | $677 | 30% |
| 2021 | $3,003 | $3,002 | 100% | $1,095 | 36% |
| 2022 | $3,481 | $3,525 | 101% | $1,156 | 33% |
| 2023 | $2,653 | $2,619 | 99% | $845 | 32% |
| 2024 | $2,776 | $2,826 | 102% | $1,074 | 39% |
| 2025 | $2,868 | $2,911 | 102% | $1,111 | 39% |
Sources: World Bank Commodity Price Data; UN Comtrade, importer-reported value divided by quantity. China's 2016 figures are omitted because Comtrade imputed them. Quantities are marked as estimated by Comtrade for many lines. Concentrate is not a zinc price: see the text.
Refined zinc follows the LME price
Refined zinc (customs code HS 7901) is a standard product, so the declared price stays close to the exchange price. The eight large importers shown in the research report declared between 92% and 112% of the annual LME average in every year from 2017 to 2025 except 2023. In 2023 several lines ran from 117% to 121%, and USGS also shows its North American price at 126% of LME that year. No cause was tested.
Concentrate is not a zinc price
Zinc ore and concentrate (HS 2608) is sold on payable zinc, net of treatment charges. China, South Korea and Japan declared between 30% and 45% of the LME price per tonne of concentrate in 2017 to 2025. China's concentrate imports more than doubled, from 2.43 million tonnes in 2017 to 5.33 million tonnes in 2025, while South Korea fell from 2.16 million tonnes in 2018 to 1.34 million and Japan from 0.82 to 0.57.
The treatment charge fell
The annual benchmark treatment charge agreed between Teck and Korea Zinc fell from $274 per tonne of concentrate for 2023 to $165 for 2024 and $80 for 2025, and was reported at $85 for 2026. China's concentrate value as a share of LME was 39% in 2024 and 2025 against 30% at its lowest. That is an association over a few annual points, not a measurement of payable terms.
Where China's concentrate comes from
In 2025 China declared 1.1 million tonnes from Australia, 1.0 million tonnes from Peru, 0.5 million tonnes from Russia, 0.4 million tonnes from South Africa and 0.3 million tonnes from Kazakhstan, at $955 to $1,175 per tonne.
Related
Frequently asked questions
What was the average LME zinc price in 2025?
The World Bank's annual average LME zinc price was $2,868 per tonne in 2025, down from the 2022 peak of $3,481.
Why is zinc concentrate declared at only about a third of the LME price per tonne?
Concentrate contains roughly half its weight in zinc and is sold net of treatment charges, so its value per tonne is a fraction of a tonne of refined metal.
Is the import price the price in a contract?
No. It is customs value divided by quantity, an average across every shipment in the code that year.
Sources
- World Bank Commodity Price Data (the Pink Sheet)
- UN Comtrade database
- USGS Mineral Commodity Summaries 2026: Zinc
Specifications published by index providers are revised over time. Where a figure comes from a pricing notice, confirm the version currently in force with the publisher before you use it in a contract. Corrections are welcome.