- FIMI pushes for higher aluminium import duty
- China’s copper demand softens despite peak season
Base metals futures on the London Metal Exchange (LME) remained range-bound d-o-d, with lead decreasing by 1.03% to $2,015/tonne (t). Meanwhile, inventories at LME-registered warehouses witnessed positive movements, with copper recording the highest gain of 12.37%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 875,000/t ex-Delhi, down by INR 2,000/t d-o-d. Aluminium Tense scrap prices were assessed at INR 188,000/t ex-Delhi and at INR 184,500/t ex-Chennai, both stable d-o-d.
Other market updates
FIMI seeks higher aluminium import duty to protect domestic industry
The Federation of Indian Mineral Industries (FIMI) has urged the government to raise aluminium import duty to 15% in the 2026-27 Union Budget, citing a surge in cheap imports that threatens India’s aluminium manufacturing base. Despite major expansion plans worth over INR 3.1 lakh crore to boost capacity and support job creation, more than half of India’s aluminium demand is still expected to be met through imports. FIMI also flagged concerns over rising low-quality scrap inflows and called for strict quality standards, while recommending lower duties on critical raw materials to offset high domestic production costs and improve industry competitiveness.
EGA reaches major production milestone
Emirates Global Aluminium (EGA) has surpassed 50 million tonnes (mnt) of cast metal production since its launch in 1979, marking a significant achievement for the UAE’s largest industrial exporter after oil and gas. From its beginnings as a small smelter in Jebel Ali, EGA has expanded repeatedly, now producing about one in every 25 t of aluminium made globally and supplying over 50 countries. The company continues to grow through major initiatives, including a large recycling plant set to start in 2026 and plans for the first new primary aluminium plant in the US since 1980.
Chinese copper demand weakens despite peak season
Copper consumption in China has disappointed during the peak manufacturing season, with operating rates at fabricators falling to multi-year lows as high copper prices and weak government spending dampen activity. Although international copper prices surged to record levels, domestic demand — still dependent on the struggling property sector — has failed to keep pace. Major copper product segments, including rods, tubes, and plates, witnessed some of their lowest October run rates in nearly a decade. Only copper foil saw strong output, supported by rising demand from battery storage and China’s push to expand capacity in new-energy industries.
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