The near-term outlook for the zinc market is dominated by the ongoing coronavirus pandemic and the consequences of the actions of governments to contain and mitigate against its effects. Further out, as the global economy normalises, the key dynamic will be the performance of the world's zinc smelters, especially utilisation rates at China's smelters. We forecast that the refined market will be well supplied for the rest of the decade with a peak of stock days in 2027 of 69 declining to 56 days by the end of the decade. However, such inventory levels fall well short of the peak of 126 stock days seen after the financial crisis in 2008/2009. Read further in our latest Global zinc long-term outlook for details on our market balance and price forecasts out to 2040.