Although in GDP terms last year’s recession was the deepest since the Great Depression, for zinc whilst the downturn was severe, it was not as severe as initially anticipated. This was because of the simple fact that some parts of the economy were better able to adapt to the requirements of social distancing than others. A greater loss of mine production than smelter production in 2020 due to the pandemic turned an expected surplus of concentrate into a large deficit, drawing down concentrate inventory in all regions and restricting the availability of concentrate. We forecast a return to more normal levels of concentrate inventory in 2022 and 2023. With stocks of refined zinc set to remain at relatively normal levels and investor sentiment buoyed by the government stimulus packages that have been put in place, prices will be supported at relatively elevated levels.