- Lead stocks record strongest w-o-w gain at LME warehouses
- ADC12 settlement prices climb up on firm auto sector demand
At the close of trading on 21 November 2025, base metals prices on the London Metal Exchange (LME) showed negative trends w-o-w, with nickel witnessing a decline of 2.62% to $14,501/tonne (t). Meanwhile, LME warehouse stocks exhibited positive trends, with lead witnessing the highest gain of 18.96%.
On the LME, three-month aluminium prices stood at $2,814/t, down by 1.56% w-o-w, while zinc decreased by 0.15% to $3,016/t. Copper prices were at $10,739/t, down by 1.05% w-o-w, and lead was down by 2.59% at $2,011/t. Nickel stood at $14,501/t, down by 2.62% w-o-w.
Aluminium
India’s imported aluminium scrap prices edged down by $15-20/t w-o-w on 18 November, following negative movements on the LME.
BigMint assessed UAE-origin Tense scrap at $1,935/t, down by $5/t w-o-w, while UK-origin Taint Tabor C/S (9-10%) stood at $2,005/t, down by $15/t w-o-w.
A leading Indian automaker has increased its ADC12 settlement price by INR 800/t m-o-m to INR 232,600/t for December 2025. The price hike was primarily driven by firm demand in the automobile segment following the recent GST reduction.
Copper
Imported copper scrap prices in India softened across most grades in the week ended 21 November, tracking the decline in LME futures. Domestic copper scrap prices also eased, while overall market sentiment remained steady and stable.
According to BigMint’s assessments (both CFR Mundra), Birch Cliff scrap was priced at $9,870/t, down by 3.2% w-o-w. However, US motors mix bucked the downtrend, rising by 3.4% w-o-w to $1,240/t.
Zinc
India’s zinc scrap and dross market showed a largely stable-to-soft trend in the week ended 20 November, with prices fluctuating within a narrow range.
BigMint assessed zinc diecast scrap (Middle East origin) at $2,400/t CFR west coast India, stable compared to the previous week, as buyers remained cautious amid limited spot inquiries.
Domestic zinc spot prices stood at INR 315,000/t exw-Delhi, up by 0.95% w-o-w. HZL zinc prices were down by 2.75% w-o-w to INR 317,900/t ex-Chanderiya.
Lead
Domestic primary lead ingot prices stood at INR 192,200/t, up by 0.63% w-o-w, while re-melted ingots stood at INR 179,000/t, up by 0.56% w-o-w.
Meanwhile, HZL lead prices stood at INR 212,400/t ex-Chanderiya, down by 1.35% w-o-w.
Other updates
India’s automobile market grows in 10MCY’25 on festive demand, rural strength
India’s auto sector expanded steadily in 10MCY’25, with SIAM data showing that passenger vehicle (PV) sales were up 1.66% y-o-y to 3.67 million units and two-wheelers rising 1.13% to 17.02 million units, while FADA retail sales grew 7.82% y-o-y to 22.6 million units. Festive season buying, stable rural incomes, stronger tractor demand, and improved affordability collectively supported broad-based growth across vehicle categories.
India moves to curb black mass exports to boost domestic battery recycling
India has suspended export permissions for black mass as the MoEFCC tightens controls to retain critical materials such as lithium, cobalt, and nickel within the country. With CPCB set to begin compliance inspections and domestic refiners facing persistent feedstock shortages, the move is aimed at strengthening India’s circular battery ecosystem, reducing export-linked leakages, and accelerating the growth of the local recycling and refining industry.
EU plans tighter controls on aluminium scrap exports; India faces risks
The EU is moving to regulate aluminium scrap outflows through possible tariffs, quotas, and stricter reporting norms, aiming to curb “scrap leakage” and secure future recycling needs. With India emerging as the largest buyer of EU scrap in 9MCY’25, any restrictions could tighten supply, raise procurement costs, and reshape sourcing strategies for Indian recyclers and downstream manufacturers.
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