Zinc averaged $4,020.55 a metric ton in September 2026, the highest since April 2022

Fri, 30 Oct 2026 09:08:10 -0400

The International Monetary Fund’s global price of zinc averaged $4,020.55 per metric ton in September 2026, about $1.82 a pound. That is 3.5% above August and 36.9% above September 2025. It is the highest monthly average since April 2022, when zinc averaged $4,371.34, and the fourth highest of the 417 months in the series since January 1992. The price has risen for six months in a row, by 26.3% since March. The IMF published August and September together on October 22, and the June and July values were unchanged in that update.

Zinc matters to a metal buyer mostly through the coating on steel. The U.S. Geological Survey reports that galvanized steel is the leading use of refined zinc in the United States, ahead of brass and bronze and zinc-base alloys such as die-casting metal.

Zinc rose for a sixth month to $4,020.55 a metric ton in September 2026

Global price of zinc, monthly average, U.S. dollars per metric ton, September 2024 to September 2026

Source: International Monetary Fund, Primary Commodity Prices. Source: fred.stlouisfed.org

The largest rise of the past 12 months came in August, when the price rose 8.1%. Over the 13 months in the table, the change on the year grew from 3.1% in September 2025 to 39.2% in August 2026, then eased to 36.9% in September.

Global price of zinc, monthly average, the last 13 months. Source: International Monetary Fund, Primary Commodity Prices.
Month	Zinc (USD per metric ton)	Change on month (%)	Change on year (%)
2025-09	2936.74	5.2%	3.1%
2025-10	3152.0	7.3%	1.5%
2025-11	3176.84	0.8%	5.7%
2025-12	3162.18	-0.5%	4.2%
2026-01	3206.73	1.4%	13.5%
2026-02	3323.71	3.6%	18.8%
2026-03	3182.26	-4.3%	10.2%
2026-04	3354.62	5.4%	28.5%
2026-05	3477.64	3.7%	31.6%
2026-06	3538.74	1.8%	33.3%
2026-07	3593.78	1.6%	30.1%
2026-08	3884.53	8.1%	39.2%
2026-09	4020.55	3.5%	36.9%

Source: fred.stlouisfed.org

The longer record

Only three months since 1992 averaged more than September 2026: November and December 2006, at $4,378.61 and $4,381.45, and April 2022. After the 2022 high, the price fell to $3,105.36 by July, three months later.

Only three months since 1992 averaged more than September 2026

Global price of zinc, monthly average, U.S. dollars per metric ton, January 1992 to September 2026

Source: International Monetary Fund, Primary Commodity Prices. Prices are period averages in nominal U.S. dollars. Source: fred.stlouisfed.org

Zinc among the other metals

Zinc rose 3.5% in September, the most of the seven metal and ore prices in the table. Copper and aluminum each rose 1.0%. Tin fell 3.0% from its August record and nickel fell 2.5%. On the year, tin rose the most, 55.6%, followed by copper at 44.8% and zinc at 36.9%. Lead and iron ore were both below September 2025.

Global metal prices, monthly averages, September 2025, August 2026 and September 2026. Source: International Monetary Fund, Primary Commodity Prices.
Metal	Units	September 2025	August 2026	September 2026	Change on month (%)	Change on year (%)
Zinc	USD per metric ton	2936.74	3884.53	4020.55	3.5%	36.9%
Copper	USD per metric ton	9994.77	14331.26	14473.06	1.0%	44.8%
Aluminum	USD per metric ton	2654.48	3250.12	3283.05	1.0%	23.7%
Nickel	USD per metric ton	15103.18	16748.18	16323.82	-2.5%	8.1%
Tin	USD per metric ton	34528.06	55360.31	53711.68	-3.0%	55.6%
Lead	USD per metric ton	1954.59	1855.73	1872.87	0.9%	-4.2%
Iron ore	USD per dry metric ton	106.41	99.62	100.44	0.8%	-5.6%

Source: fred.stlouisfed.org

What the United States imports

The United States relies on imports for most of its refined zinc. USGS estimates that the country produced 220,000 metric tons of refined zinc in 2025, imported 600,000 tons and consumed 820,000 tons, for a net import reliance of 73%. From 2021 through 2024, Canada supplied 57% of refined zinc imports, Mexico 15% and Peru 8%. USGS also reports that U.S. mine output fell an estimated 12% in 2025, mostly because the Red Dog Mine in Alaska worked lower ore grades as it neared the end of its life.

Census Bureau trade data show the higher price in the import bill more than in the tonnage. From January through August 2026, imports of unalloyed zinc of at least 99.99% purity came to 229,534 metric tons, 2.7% less than in the same months of 2025. Their customs value rose 15.9% to $808.6 million. The Census Bureau defines customs value as the price paid for goods sold for export to the United States, before U.S. duties, freight and insurance. Dividing value by weight, August 2026 imports came in at $3,791 a ton, against $2,879 in August 2025.

Imported high-grade zinc cost $3,791 a ton in August 2026, up from $2,879 a year earlier

U.S. general imports of unwrought zinc, not alloyed, 99.99% zinc or more (HTS 7901.11.0000), customs value divided by weight, U.S. dollars per metric ton, monthly

Source: U.S. Census Bureau. August 2026 is the latest month published. Source: api.census.gov

All unwrought zinc imports under heading 7901 were worth $1.46 billion from January through August 2026, 21.2% more than a year earlier, and 63.2% of that value came from Canada.

The galvanizer’s price

The Bureau of Labor Statistics publishes a producer price index for metal coating and nonprecious engraving. A producer price index tracks what U.S. businesses receive for what they sell. This industry, by the Census Bureau’s definition, includes shops that hot dip galvanize, powder coat, paint and enamel metal for other companies. The index stood at 229.619 in September 2026 (December 1984 = 100), 0.3% below August and 6.1% above September 2025.

The coating index moved far less than the metal. From September 2024, zinc rose 41.2% and the coating index 9.9%. The index covers many coating processes besides galvanizing, so it does not track zinc alone.

Zinc rose 41.2% in two years and the metal coating index 9.9%

Global price of zinc and the producer price index for metal coating and nonprecious engraving (PCU332812332812), both rebased so that September 2024 = 100, monthly

Sources: International Monetary Fund, Primary Commodity Prices; U.S. Bureau of Labor Statistics. The coating index for June through September 2026 is preliminary. Source: fred.stlouisfed.org

What this means for a galvanized order

When a galvanizer or service center quotes hot dip galvanizing or galvanized sheet, ask whether the price carries a zinc surcharge, which zinc price and month it is set from, and how many days the quote holds. The London Metal Exchange is among those that publish a daily zinc price, and a supplier can tell you which published price their surcharge follows.
If a contract adjusts a coating price by an index, name it by full title and series code, such as “Producer Price Index for metal coating and nonprecious engraving, PCU332812332812,” with the base month. The BLS price adjustment guide advises stating whether the calculation uses first-published, interim or final values, since BLS revises each month for four months.
On imported zinc or zinc alloy, the USGS summary lists normal trade relations duty rates as of December 31, 2025, such as 1.5% for unwrought zinc of 99.99% purity or more. Other duties can apply by country of origin, and a customs broker can confirm the rate for an entry.

Caveats

The IMF price is a monthly average of a world benchmark in nominal U.S. dollars. It leaves out the North American premium, the service center’s markup, cutting, freight and any zinc surcharge on a particular order, and it says nothing direct about the coated weight on a given part.

The Census trade figures are as published when checked on October 30, 2026. The value per ton is a calculation from declared value and weight, and it moves with the mix of shipments and countries in a month.

The coating index for June through September 2026 is preliminary, and BLS can revise each month for four months after it first appears. The USGS production and consumption figures for 2025 are estimates.