India: Zinc ingot prices soften as demand slows; HZL price cut adds pressure

• HZL trims ingot prices tracking LME softness
• Australian SHG offers ease; demand muted 

India’s zinc ingot (99.995%) prices slipped by INR 3,000/tonne (t) w-o-w to INR 315,000/t ex-Delhi, according to BigMint’s assessment. The decline was driven by weak spot demand and softer global benchmarks.

On 24 November 2025, Hindustan Zinc Limited (HZL) reduced its zinc ingot prices by INR 2,900/t ($33/t) to INR 315,000/t ($3,532/t) ex-Chanderiya, in line with the downturn in London Metal Exchange (LME) prices.

Traders reported Special High Grade (SHG) zinc ingots at INR 312,000/t ex-Mumbai, up INR 1,000/t w-o-w amid limited liquidity. Import offers for Australian-origin SHG were quoted at a $240/t premium over LME on a CFR Mundra basis due to constrained arrivals.

In north India, Australian-origin zinc was offered at INR 327,000/t ex-Delhi, down INR 5,000/t w-o-w as buying interest remained weak.

Demand remains subdued across segments, particularly galvanisers, with only a few large buyers active in the spot market, according to a Delhi-based distributor.

Coated steel prices ease on weak demand

Indian coated steel prices softened as demand stayed muted and buying remained need-based. GP was assessed at INR 60,000/t, PPGI at INR 68,500/t, and galvalume at INR 76,000/t, all stable w-o-w. Liquidity issues curbed trade, especially in colour-coated material. Across regions, sentiment remained weak, with buyers awaiting potential mill discounts. Prices are expected to stay range-bound amid no visible demand recovery.

HZL secures BIS certification for Zn-Al 4 alloy

Hindustan Zinc Ltd has obtained BIS certification under IS 713:198 for its Zn-Al 4 die-casting alloy ingots, authorising use of the BIS Standard Mark. The certification reinforces HZL’s compliance with strict performance and quality standards, enhancing acceptance across automotive, hardware, and precision casting sectors. It further strengthens HZL’s position as a reliable domestic supplier and supports India’s push for certified, high-quality metal products.

Outlook

Domestic zinc prices are expected to stay under pressure in the near term amid weak demand and global softness. Import premiums for Australian-origin metal may offer limited support, but sentiment remains broadly bearish.