- Aluminium prices soften amid subdued market sentiment
- Zinc rallies while aluminium prices soften
LME base metals traded on a mixed note during the week, with zinc recording the strongest gain of 3.5% to $3,888/t. Copper prices increased 0.7% to $14,253/t, while lead advanced 1.0% to $1,906/t. Meanwhile, aluminium declined 0.5% to $3,242/t.
Meanwhile, LME inventories showed a mixed trend during the week. Zinc stocks recorded the steepest increase of 5.2% to 97,950 t, while aluminium inventories remained largely stable, declining 0.1% to 246,725 t. Copper stocks decreased 1.8% to 234,275 t, while lead inventories fell 2.5% to 406,250 t.
Aluminium
India’s imported aluminium scrap prices displayed a mixed trend w-o-w, amid the decline in LME aluminium prices and varying availability across grades.
According to BigMint’s latest assessment for CFR Nhava Sheva deliveries, US-origin taint tabor HRB 2-3% scrap prices declined by $10/t w-o-w to $2,750/t.
Domestic aluminium prices in India declined w-o-w, despite a slight increase in LME aluminium prices. The domestic physical market softened amid subdued market sentiment. According to BigMint’s assessment, P1020 aluminium ingot prices in Delhi NCR decreased by INR 4,000/t (1.1%) w-o-w to INR 354,000/t.
Global primary aluminium production stood at 42.424 mnt in 7MCY’26, down 0.8% y-o-y from 42.758 mnt in the corresponding period last year, according to International Aluminium Institute (IAI) data.
Copper
India’s copper scrap market remained firm in the week ended 26 August 2026, supported by steady demand from wire rod, cable, brass and alloy manufacturers, alongside limited availability of premium-grade scrap.
Tight domestic supply, elevated import costs and stronger global copper prices continued to support market sentiment despite some improvement in scrap yard inventories.
According to BigMint’s assessment, copper armature scrap, ex-Delhi, was assessed at INR 1,310,000/t (INR 1,310/kg), up from INR 1,280,000/t a week earlier.
Market participants reported multiple transactions around INR 1,310/kg during the assessment period, reflecting stronger buying interest and constrained spot availability.
Zinc, lead
India’s zinc dross and zinc scrap prices increased w-o-w in the week ended 26 August 2026, supported by a sharp rise in primary zinc prices and higher replacement costs. LME zinc extended its rally to a four-year high, while the cash market remained in strong backwardation, signalling tight nearby availability.
India’s zinc ingot (99.995%) prices rose sharply by INR 16,300/t w-o-w to INR 421,100/t ex-Delhi, according to BigMint’s assessment on 25 August 2026.
The increase was supported by a sharp rise in Hindustan Zinc Ltd’s (HZL) benchmark price and stronger international zinc prices, with LME zinc touching a four-year high. However, recovering exchange inventories and cautious downstream buying could temper further gains.
HZL raised its benchmark Special High Grade (SHG) zinc ingot price by INR 12,600/t to INR 418,400/t on 24 August, from INR 405,800/t previously. The revision provided a strong upward reference for domestic spot prices.
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