- Copper scrap prices remain largely stable in India
- Nalco plans INR 30,000 crore aluminium expansion
At the close of trading on 29 August 2025, base metals prices on the London Metal Exchange (LME) remained positive w-o-w, with nickel witnessing the highest gain of 2.13% to $15,421/tonne (t). Meanwhile, LME warehouse stocks exhibited negative trends, with zinc witnessing the steepest decline by 17%.
On the LME, three-month aluminium prices stood at $2,616/t, down by 0.34%, while nickel increased by 2.13% w-o-w to $15,421/t. Copper prices were at $9,902/t, up by 1.08% w-o-w, and lead was down by 0.20% w-o-w at $1,991/t. Zinc stood at $2,819/t, up by 0.04% w-o-w.
India’s imported aluminium scrap prices saw mixed trends w-o-w, despite a rangebound London Metal Exchange (LME) prices.
BigMint assessed Tense scrap from the US at $1,960/t, down by $30/t w-o-w, while US taint tabor HRB (2-3%) saw a gain of $20/t, settling at $2,160/t.
The overall aluminium scrap trade remained sluggish during the week, with limited buying interest across regions. Market participants highlighted cautious buying patterns.
Global metallurgical alumina production rose 4% to 12.13 million tonnes (mnt) in July 2025 from 11.72 mnt in June, supported by stronger refinery operations and fresh capacity additions in Asia, according to the International Aluminium Institute (IAI).
Imported copper scrap prices in India remained largely stable w-o-w, following a largely stable w-o-w LME copper futures at $9,755/tonne w-o-w.
According to BigMint’s assessment, copper Birch cliff scrap was assessed at $9,220/t, while US motors mix stood at $1,170/t (both CFR Mundra), both largely stable w-o-w.
The International Copper Study Group (ICSG) has released preliminary data for January-June 2025, indicating that global refined copper production rose by approximately 3.6% y-o-y.
This included a 3.6% increase in primary production (from ores via electrolytic and electrowinning processes) and a 3.7% rise in secondary production (from scrap).
Indias zinc scrap and dross market remained steady this week, with prices moving in a narrow band.
BigMint assessed zinc diecast scrap (Middle East origin) at $2,275/tonne (t) CFR west coast India, unchanged from the previous week amid balanced demand and supply conditions
Prices of zinc ingots from Hindustan Zinc Limited (HZL) stood at INR 285,700/t ($3,260/t) ex-Chanderiya, up by INR 2,400/t w-o-w.
The International Lead and Zinc Study Group (ILZSG) has released preliminary data on global lead and zinc supply and demand in the first half of 2025 (H1CY’25, January-June), highlighting a surplus of 47,000 tonnes (t) in the refined zinc market. Despite the surplus, global reported inventories declined by 109,000 t over the same period.
Lead
Domestic primary lead ingot prices stood at INR 203,000/t, while re-melted ingots stood at INR 183,000/t, both up by INR 2,000/t w-o-w.
Meanwhile, HZL lead ingots stood at INR 204,400/t ($2,332/t) ex-Chanderiya, down by INR 2,800/t w-o-w.
According to the International Lead and Zinc Study Group’s (ILZSG) preliminary data, refined lead market registered a surplus of 21,000 t in H1CY’25, with total reported global inventories rising by 26,000 t.
Other updates
Nalco to invest INR 30,000 crore in aluminium expansion
State-run National Aluminium Company (Nalco) is set to invest INR 30,000 crore over the next five years to expand its aluminium and power capacity, aiming to meet Indias growing aluminium demand, projected to rise from 4.5-5 million tonnes (mnt) to 8 mnt by 2030. The company expects aluminium demand to grow 1.5 times faster than India’s GDP, with a 10% annual increase driven by the power, construction, and transport sectors.
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