The dominant factors influencing the zinc price and market in the medium-term are set to be mainly exogenous. Coronavirus restrictions have eased but it remains an issue. Disruptions to supply chains and the inflationary pressures that were also previously easing, have been reignited by Russia's invasion of Ukraine. In the near- to medium term, our base case outlook for the zinc market is one of refined zinc stocks at close to historically low levels, only becoming excessive in the latter part of the decade. Consequently, the zinc price is forecast to remain buoyant through to 2025. We have also considered a downside scenario featuring stagflation caused, in part, by the consequences of the war in Ukraine.