- Import premiums ease, replacement costs soften
- Coated steel prices gain on mill hikes
India’s zinc ingot (99.995%) prices edged up by INR 500/t w-o-w to INR 332,300/t ex-Delhi on 10 February, despite softer import premiums and selective buying interest in the spot market.
On 9 February 2026, Hindustan Zinc Limited (HZL) reduced its zinc ingot prices by INR 6,100/t ($67/t) to INR 334,400/t ($3,696/t) ex-Chanderiya, tracking recent corrections in global benchmarks and improving domestic availability.
In the spot market, special high-grade (SHG) zinc ingots were offered around INR 330,000/t ex-Mumbai, down INR 2,000/t w-o-w. Australian-origin zinc premiums softened to about $230/t over LME on a CFR JNPT basis, easing replacement costs marginally. However, Australian-origin material in north India was still quoted around INR 344,000/t ex-Delhi, reflecting higher logistics and limited ready stocks.
Market participants also reported zinc PMI deals at around INR 289,000/t, while Korea- and Iran-origin zinc was quoted near INR 333,000-334,000/t ex-Delhi, indicating a narrower spread with domestic material.
A Delhi-based alloy manufacturer stated that Zamak 3 prices rose to INR 345,000-346,000/t and Zamak 5 to INR 334,000/t ex-works, reflecting elevated raw material costs and steady demand from the die-casting segment.
Coated flat steel prices firm on mill hikes
Indian coated flat steel prices increased on a weekly basis, supported by INR 1,700-2,300/t mill hikes for February deliveries. GP stood at INR 68,900/t (up INR 1,400), PPGI at INR 77,000/t (up INR 1,900), and BGL at INR 79,000/t (up INR 500) ex-Mumbai. Improved enquiries and selective restocking supported sentiment across regions. Prices exclude 18% GST.
Outlook
Zinc prices are likely to remain muted in the near term, with softer import premiums offset by steady domestic demand and competitive imported offers. Meanwhile, coated flat steel prices are expected to stay firm, backed by mill discipline and improved buying interest, though sustained demand momentum will be key to further upside.
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