- HZL reduces zinc, lead ingot prices to align with global drop
- Traders report slow spot activity and lean inventories
India’s zinc ingot (99.995%) prices fell by INR 1,000/tonne (t) w-o-w to INR 274,000/t ex-Delhi, as per BigMint’s assessment. The downtrend was attributed to weak domestic demand and a correction in global prices, with traders reporting sluggish offtake from galvanisers and infrastructure sectors.
On 4 August 2025, Hindustan Zinc Limited (HZL) reduced its zinc ingot prices by INR 3,900/t ($45/t) to INR 281,200/t ($3,213/t) ex-Chanderiya, aligning with the recent dip in LME prices.
Traders reported that HZL’s Special High Grade (SHG) zinc ingots were offered at INR 268,000/t ex-Mumbai, down INR 1,000/t from last week, as buying remained tepid amid inventory overhang.
In the import market, Australian-origin SHG zinc ingots were quoted at a premium of $370-380/t over LME at CFR Mundra Port. In north India, Australian zinc is at INR 297,000/t ex-Delhi.
“Demand remains slow across segments, especially galvanisers. Only a few large buyers are active in the spot market,” said a Delhi-based distributor.
“Importers are wary of new contracts after 15 September because the BIS issues are unresolved. That’s keeping premiums high despite the lull,” noted a Gujarat-based trader.
Global zinc futures
As of 5 August, LME 3-month zinc was trading at $2,767/t, down from the previous week amid weaker macroeconomic cues. The SHFE zinc September contract hovered near RMB 22,205/t, reflecting cautious optimism in China. On the MCX, zinc August futures ranged between INR 265,000-266,000/t, tracking global weakness and thin domestic activity.
Zinc outperforms in Glencore’s H1CY’25 results
Glencore’s zinc production climbed 12% year-on-year in H1 2025 to 465,200 t, up from 417,200 t in H1 2024. The growth was led by an 87% surge at Antamina (79,000 tonnes) and a 9% rise at McArthur River (130,500 tonnes). Unit cash costs dropped significantly to 2.3 c/lb from 33.3 c/lb, highlighting improved efficiencies. Zinc remains a key strength in Glencore’s diversified metals portfolio.
Hindustan Zinc unveils INR 400 cr green logistics push
Hindustan Zinc is partnering with Greenline to deploy 100 EVs and 100 LNG trucks with an INR 400 crore investment, targeting 1.5 lakh t of annual Scope 3 CO₂ reductions. India’s first large-scale battery swapping stations and green fleet expansion will cut 236 t CO₂ monthly, aligning with Hindustan Zinc’s ‘Net Zero 2050’ goal.
Outlook
The Indian zinc market remains cautious, with limited buying despite recent price hikes. Some restocking is expected by early August, but prices are likely to stay rangebound, driven more by exchange trends and import dynamics than real demand.
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