- HZL cuts zinc ingot prices by INR 4,700/t
- LME 3-month futures remain rangebound
India’s zinc ingot (99.995%) prices rose by INR 12,000/tonne (t) week-on-week (w-o-w) to INR 314,000/t ex-Delhi, as per BigMint’s assessment. The gain came despite Hindustan Zinc Limited (HZL) reducing its official prices, as supply tightness in key consumption hubs and elevated import premiums supported spot market sentiment.
On 27 October 2025, HZL decreased its zinc ingot prices by INR 4,700/t ($53/t) to INR 327,500/t ($3,711/t) ex-Chanderiya, tracking a mild correction in global benchmarks.
Traders reported that Special High Grade (SHG) zinc ingots were offered at INR 303,000/t ex-Mumbai, up INR 12,000/t from last week. Australian-origin lots were quoted at a premium of $250-260/t over London Metal Exchange (LME) prices on a CFR Mundra Port basis amid limited imports. In north India, Australian zinc was offered at INR 334,000/t ex-Delhi, down INR 4,000/t w-o-w.
Domestic demand, however, remained subdued due to the ongoing festive season, with galvanisers and oxide units operating on reduced schedules and purchasing only on a need basis.
Global zinc futures snapshot
LME three-month zinc futures remained largely rangebound during the week, fluctuating between $3,010-3,056/t as traders weighed easing inventories against cautious demand outlooks. Physical premiums across Asia stayed firm, reflecting tight spot availability.
Outlook
India’s zinc market is expected to remain steady in the near term, supported by limited domestic supply and firm import premiums. However, HZL’s recent price reduction, muted industrial activity, and slower demand during the festive period may cap upside potential. Market participants are closely monitoring LME price trends, import arrivals, and local inventory levels for further direction.
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