- Ceria launches renewables-powered ferro nickel plant
- Adani Energy wins ISTS-TBCB project worth INR 2 bn
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with copper decreasing by 1.11% to $9,648/tonne (t). Meanwhile, inventories at LME-registered warehouses dropped d-o-d, with lead recording the steepest fall of 1.62%.
In other key developments from the base metals segment, global overcapacity has strained global copper smelting margins, while Indonesia’s green nickel capacity has recently seen expansion.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 805,000/t ex-Delhi, up by INR 4,000/t d-o-d. Aluminium Tense scrap prices remained steady d-o-d, with ex-Delhi at INR 196,000/t and ex-Chennai at INR 197,000/t.
Additionally, aluminium ADC12 alloyed ingot prices remained stable m-o-m in June 2025 across both northern and southern India, according to BigMint’s benchmark assessments. Steady pricing was supported by ongoing shortages of raw materials used in alloy ingot production.
BigMint’s monthly assessment for the OEM grade of ADC12 stood at INR 228,000/tonne (t) in Delhi, and INR 230,000/t in Chennai.
Futures, index updates (d-o-d)
Market updates
Ceria expands green nickel capacity
Indonesia’s PT Ceria Nugraha Indotama launched a 63,200 tpa RKEF ferro nickel plant in April 2025, powered by renewables. A $200 million second line is planned, aiming to double output. Despite global oversupply, Ceria sees strong demand from ESG-focused markets in Europe and the US, positioning itself as a key player in sustainable nickel production.
Copper smelters suffer amid supply crunch
Copper smelters are facing negative treatment charges (~$45/t), paying miners for processing raw materials, due to global overcapacity and tight concentrate supply. China’s rapid smelter expansion has worsened the imbalance, impacting others such as Glencore’s Philippines unit. The industry faces closures unless mine supply increases or smelter numbers fall. Long-term contract risks have grown amid persistent weak market conditions.
Adani Energy wins Maharashtra’s first FY’26 ISTS-TBCB project
Adani Energy Solutions (AESL) secured Maharashtra’s first FY’26 interstate transmission system-tariff-based competitive bidding (ISTS-TBCB) project, involving a 3,000 megavolt-amperes (MVA), 765/400 kilovolt (kV) substation near Kalamb. The project, worth INR 2,214.45 million annually, was won against Power Grid Corporation of India Limited (PGCIL) and Resonia. Transferred via WRNES Talegaon Power Transmission Ltd on May 30, the project boosts AESL’s portfolio to 26,696 circuit kilometre (ckm) and 93,236 MVA. Commissioning is targeted by January 2028.
L&T secures major power transmission orders
Larsen & Toubro’s power transmission and distribution business has bagged orders worth INR 5,000-10,000 crore. In India, it will build 765 kV and 400 kV lines to support a renewable energy zone in Andhra Pradesh. Internationally, it will execute 220 kV and 132 kV gas insulated switchgear (GIS) substations on a turnkey basis across the Middle East.
Luker Electric invests in wire, cable unit
Luker Electric Technologies has invested INR 150 crore in its Coimbatore plant to manufacture wires and cables, with a market launch planned by June-end. The company will initially target South India. Actor Prabhudeva has been named brand ambassador for this new product line.
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