- Australian-origin zinc premiums stay firm at $240/t amid tight imports
- HZL hikes domestic ingot prices; LME trends broadly supportive
India’s zinc ingot (99.995%) prices rose by 2.3% week-on-week to INR 322,400/t ex-Delhi on 2 December, as per BigMint’s assessment. The gain was supported by firmer offers in the physical market and higher import premiums, despite moderate trading activity.
On 1 December 2025, Hindustan Zinc Limited (HZL) increased its zinc ingot prices by INR 7,600/t ($85/t) to INR 325,000/t ($3,633/t) ex-Chanderiya, following a rise in global benchmarks and a recovery in premiums for refined zinc.
Traders reported Special High Grade (SHG) zinc ingots offered at INR 321,000/t ex-Mumbai, up INR 9,000/t from last week, supported by tight imported availability. Australian-origin lots were quoted at a $240/t premium over LME prices on a CFR JNPT basis, amid limited arrivals into Indian ports.
In north India, Australian-origin zinc was heard offered at INR 340,000/t ex-Delhi, marking a sharp INR 17,000/t w-o-w increase, reflecting scarcity of high-grade imported units and improved sentiment among regional distributors.
Global zinc futures snapshot
LME zinc futures remained broadly firm through the week ending 28 November, supported by balanced supply and demand, steady investor positioning, and persistent tightness in spot availability across Asian markets.
The LME 3-month zinc contract traded around $2,980-3,020/t, ending the week near $3,010/t, up 1.2% w-o-w. The cash-3M spread held in mild backwardation, reflecting tight prompt availability and steady physical demand across Asian hubs.
Outlook
We expect India’s zinc market to remain supported through December by strong import premiums, higher HZL pricing, and restricted Australian-origin inflows. However, we expect buyers to remain cautious amid volatile global cues. Participants will closely monitor LME price movements, freight trends, and import arrivals for clarity on price trends.
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