Zinc prices surpassed $4,000 per tonne for the first time since 2022, as the market faced significant supply pressures. Production disruptions at several mines, including in China, have raised concerns over concentrate availability, while heightened tensions in the Middle East have restricted Iranian ore shipments. Major zinc mines, including Antamina in Peru and Red Dog in Alaska, have seen output decline as they work through lower-grade sections of their ore bodies, while several producers have also reported weaker production. At the same time, LME warehouse inventories remain low relative to historical levels, while physical zinc availability remains particularly tight outside China. The tightness is also evident in sharply lower smelter treatment charges, signaling a shortage of zinc concentrate for processing. However, rising zinc exports from China could provide some relief to supply conditions in other major markets.