India zinc ingot prices edge higher; HZL becomes first Indian ICMM member

• HZL hikes zinc ingot prices
• Australian-origin SHG zinc fetches high premiums despite tepid demand

India’s zinc ingot (99.995%) prices rose by INR 3,000/tonne (t) w-o-w to INR 278,000/t ex-Delhi, as per BigMint’s assessment. The uptrend was supported by firmer domestic offers and stable imported premiums, though overall demand remained cautious.

On 14 August 2025, Hindustan Zinc Limited (HZL) increased its zinc ingot prices by INR 1,000/t ($11/t) to INR 289,400/t ($3,294/t) ex-Chanderiya, following recent gains on the LME. Traders reported that HZL’s Special High Grade (SHG) zinc ingots were offered at INR 274,000/t ex-Mumbai, up INR 5,000/t from last week.

In the import market, Australian-origin SHG zinc ingots were quoted at a premium of $350-360/t over LME at CFR Mundra Port. In north India, Australian zinc was offered at around INR 325,000/t ex-Delhi, supported by limited supply and sustained grade preference among buyers.

Market commentary

“Australian zinc is still fetching high premiums, but only select buyers are active in the spot market,” noted a Mumbai-based trader.

“Even with domestic price hikes, actual offtake is slow-buyers are booking small lots to manage cash flows,” said a Delhi-based distributor.

Global zinc futures

As of 13 August, LME 3-month zinc traded at $2,846/t, down slightly from the previous week on global macro headwinds. The SHFE zinc September contract stood at RMB 22,560/t, showing limited momentum in Chinese spot demand. On the MCX, zinc August futures hovered between INR 265,000-266,000/t, reflecting muted domestic activity in line with overseas weakness.

Hindustan Zinc becomes first Indian ICMM member

On 12 Aug 2025, Hindustan Zinc Limited India’s largest integrated zinc producer, joined the International Council on Mining and Metals (ICMM) — the first Indian company to do so and ICMM’s first new member since 2021. Following a rigorous independent review, HZL commits to ICMM’s 40 ESG performance expectations, targeting net-zero emissions by 2050. This milestone reinforces HZL’s leadership in sustainability, innovation, and responsible mining while amplifying India’s role in shaping global ethical resource development.

Outlook

The Indian zinc market remains cautious, with spot buying still limited despite price hikes. Some restocking is anticipated later in August, particularly from galvanising and infrastructure sectors. However, prices are expected to stay rangebound, influenced more by exchange movements and import dynamics than by underlying demand.