- Trump’s tariff sparks India trade tension
- Vedanta posts record zinc output in Q1FY’26
At the close of trading on 1 August 2025, base metals prices on the London Metal Exchange (LME) saw negative w-o-w, with zinc witnessing the highest decline of 3.42% to $2,727/tonne (t). Meanwhile, LME warehouse stocks exhibited positive trends, except zinc declining the steepest, by 12.91%.
On the LME, three-month aluminium prices stood at $2566/t, down by 2.64%, while nickel decreased by 2.17% w-o-w to $14,987/t. Copper prices were at $9,631/t, down by 1.42% w-o-w, and lead was down by 2.11% w-o-w to $1,972/t.
Aluminium
India’s imported aluminium scrap prices saw a negative trend w-o-w, following a downtrend in London Metal Exchange (LME) levels w-o-w. However, strong global demand, a recent rise in LME prices to a four-month high, and ongoing supply constraints supported Indian tags, though subdued trading activity limited gains.
Domestic Tense scrap stood at INR 197,000/t ex-Delhi-NCR and INR 200,000/t ex-Chennai, backed by constrained availability and robust local demand.
Meanwhile, ADC12 alloy prices remained strong in both northern and southern markets, supported by consistent demand in the semi-finished segment.
Global primary aluminium production was largely steady y-o-yin H1CY’25, recording a marginal uptick of 1.4% y-o-y, despite persistent macroeconomic challenges, trade frictions, and input cost volatility.
Indian imported copper scrap prices edged down w-o-w, tracking a minor 1.7% w-o-w drop in LME futures to $9,631/tonne (t), amid persistent supply constraints and uncertainty over potential US import tariffs.
Secondary continuously cast rods (CCRs) (99.90%) were assessed at INR 844,000/t ex-Delhi, down by INR 22,000/t w-o-w. Meanwhile, primary CCR prices stood at INR 888,000/t, down by INR 16,000/t w-o-w.
According to BigMint’s assessment, India’s copper wire imports remained range-bound y-o-y in H1CY’25, inching down by just 2% to 78,560 t. Despite the flat headline figure, the underlying trade dynamics shifted notably due to the enforcement of India’s Quality Control Order (QCO) and Bureau of Indian Standards (BIS) certification norms.
Indias zinc scrap and dross market witnessed a marginal w-o-w uptick in prices, supported by resilient domestic demand and cues from the global market, despite a drop in benchmark London Metal Exchange (LME) levels.
BigMint assessed zinc diecast scrap (Middle East origin) at $2,245/tonne (t) CFR west coast India, up $35/t w-o-w.
Prices of zinc ingots from Hindustan Zinc Limited (HZL) stood at INR 285,100/t ($3,255/t) ex-Chanderiya, up by INR 12,300/t w-o-w.
India’s zinc scrap imports rose sharply to 49,432 t in H1 CY2025, a 45% increase from 34,112 t during the same period last year. This uptick underscores growing feedstock demand among secondary smelters and recyclers.
Lead
Domestic primary lead ingot prices stood at INR 200,000/t, down by INR 1,000 w-o-w, while re-melted ingots remained stable at INR 181,000/t. Meanwhile, HZL lead ingots stood at INR 206,300/t ($2,356/t) ex-Chanderiya, up by INR 1,300/t w-o-w.
Other updates
Trump’s 25% tariff adds pressure on India ahead of trade talks
President Trump announced a 25% tariff on all Indian imports just before the August 1 trade deadline, risking $87 billion in exports. Key sectors like garments, pharma, and jewelry face disruption, straining US-India ties.
US copper market slumps as Trump enforces 50% import tariff
Trump imposed a 50% tariff on semi-finished copper imports, excluding refined copper. COMEX futures crashed 20%, while LME prices are forecast to average $9,100/t in Q3 due to reduced imports and destocking.
Vedanta zinc business shines in Q1FY’26 despite weak prices
Vedanta reported record mined zinc output and lower production costs in Q1FY’26. HZL hit its highest-ever Q1 output, while international production rose 50% y-o-y. Strategic expansions and sustainability efforts continued.
Chile’s copper output dips 6% y-o-y in June
Chile’s copper production fell to 424,390 t in June, down 6% y-o-y. The drop followed May’s rise and reflects ongoing volatility due to low ore grades and operational challenges, despite strong manufacturing growth.
L&T awarded EPC contract by Hindustan Zinc for Debari expansion
Larsen & Toubro’s Minerals & Metals division has received an EPC contract from Hindustan Zinc Ltd, estimated in the INR 2,500-INR 5,000 crore range. The project includes a 250,000 t/year leaching, purification and cellhouse facility and a 125,000 t/year Jarosite Circuit at HZL’s Debari Smelter in Rajasthan. The scope covers design, procurement, construction, and commissioning, further contributing to L&T’s ongoing involvement in zinc processing infrastructure.
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