India: Zinc ingot prices remain steady amid firm premiums

• Australian premiums firm on healthy demand, tight supply
• Buyers show caution in bulk bookings ahead of year-end

India’s zinc ingot (99.995%) prices remained firm w-o-w at INR 318,000/tonne (t) ex-Delhi on 19 November, as per BigMint’s assessment. The stability came even as Hindustan Zinc Limited (HZL) reduced its domestic ingot prices, with tight spot availability and steady buying supporting regional tags.

On 17 November 2025, HZL cut its zinc ingot prices by INR 4,700/t ($53/t) to INR 322,200/t ($3,637/t) ex-Chanderiya, tracking the softening in global benchmarks.

Traders stated that Special High Grade (SHG) zinc ingots were offered at INR 310,000/t ex-Mumbai, down INR 3,000/t w-o-w. Australian-origin lots were quoted at a $240/t premium over London Metal Exchange (LME) prices on a CFR Mundra basis amid limited import arrivals. In north India, Australian-origin zinc was offered at INR 332,000/t ex-Delhi, up INR 2,000/t w-o-w, supported by stronger demand from galvanisers.

Market participants noted that firmer Australian-origin offers reflected constrained import inflows and steady spot demand from regional consumers. While demand from galvanisers and die-casters remained healthy, buyers continued to show caution in bulk bookings ahead of year-end contract renewals.

Global zinc futures stay range-bound amid tight Asian premiums

LME three-month zinc futures traded steady through the week, in the $2,950-3,100/t range, as balanced supply-demand dynamics kept volatility limited. Asian physical premiums remained firm, supported by moderate spot tightness and persistently low exchange inventories, reinforcing strength in the regional physical market.

MBK Partners lifts stake in Korea Zinc

MBK Partners purchased an additional 18,000 shares in Korea Zinc, investing KRW 20.6 billion ($14 million) — its first buy in about 11 months. The move raises the MBK-Young Poong consortium’s combined stake to 44.24%, up from 41.25%, ahead of a key shareholders’ meeting where control of Korea Zinc’s board could shift.

Outlook

India’s zinc market is expected to remain broadly stable in the near term, supported by firm downstream demand and resilient import premiums. However, limited import arrivals and HZL’s latest price adjustment may lead to regional variations. Market participants continue to monitor LME trends, global trade flows, and domestic galvanising demand for short-term direction.