- Firm pricing reflected upward revisions across major producers
- Domestic premiums held largely steady w-o-w
Domestic aluminium prices in India edged higher w-o-w on 12 February, tracking gains in aluminium futures on the London Metal Exchange (LME) and the the Multi Commodity Exchange (MCX), as global supply concerns persisted.
As per BigMint’s assessment, domestic aluminium ingot prices in Delhi increased by INR 6,000/t, or 2%, w-o-w to INR 316,000/t. Similarly, Mumbai prices witnessed a gain by INR 5,000/t, or 2%, w-o-w to INR 317,000/t as of 12 February 2026.
How did Indian and global exchanges perform?
Domestic aluminium futures on the MCX strengthened w-o-w by INR 7,550/t, or 2%, to INR 315,050/t, reflecting improved market sentiment.
In the global market, 3-month LME aluminium prices also increased by $120/t, or 4%, w-o-w to $3,155/t. On the other hand, stocks at LME-registered warehouses witnessed outflows of 9,425 t w-o-w, marking a 1.9% decline.
Aluminium prices increased following a recovery in LME benchmarks, with cash prices rising to around $3,098/t and three-month contracts also posting gains. The uptrend was supported by a continued decline in LME inventories to 485,750 tonnes, signalling tightening supply and improved global market sentiment.
Market insights
Domestic aluminium ingot prices showed an uptrend during the week, reflecting upward revisions by major primary producers compared to earlier levels.
NALCO increased its P1020 prices by INR 3,300/t, or around 1%, to INR 323,700/t on 12 February from INR 320,400/t on 1 February, aligning with improved market cues.
BALCO’s P1020 prices rose by INR 1,250/t to INR 333,500/t on 12 February from INR 332,250/t on 10 February and were also higher compared to INR 330,750/t on 11 February. Similarly, Hindalco increased its prices by INR 1,750/t to INR 332,000/t on 12 February from INR 330,250/t on 10 February, and up from INR 328,750/t on 11 February, indicating a firm pricing trend across producers.
Market participants reported a pickup in domestic aluminium demand, while inventory levels at major primary producers stayed at moderate levels. Domestic premiums held steady week-on-week at around $380-390/t over LME cash, as the recent rise in LME prices led to adjustments in premiums to maintain overall realizations.
Outlook
Indian aluminium prices are expected to stay firm in the near term, closely following LME and MCX trends. While seasonal demand weakness and declining inventories may constrain further gains, moderate producer stocks and steady domestic premiums are likely to provide support at lower levels. Overall price movement will depend on global macroeconomic developments, currency fluctuations, and the pace of post-correction restocking.
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