- Aluminium, zinc inventories decline
- Domestic aluminium ingot prices fall
LME base metals traded on a mixed note on a w-o-w basis during the week ended 20 February 2026, reflecting selective buying interest across the complex. Aluminium prices rose 1.68% to $3,079/tonne (t), while nickel gained 2.00% to $17,350/t. Zinc also edged higher by 0.56% to $3,344/t. In contrast, copper remained largely flat, slipping marginally by 0.02% to $12,822/t, and lead declined 0.71% to $1,949/t.
On the inventory front, trends were varied. Copper stocks witnessed a sharp increase of 15.34% to 235,150 t, and lead inventories surged 23.42% to 287,125 t. Nickel stocks inched up 0.22% to 287,706 t. Meanwhile, aluminium inventories fell 1.25% to 475,550 t, and zinc stocks declined 0.64% to 101,575 t.
Aluminium
Imported, domestic scrap: India’s imported aluminium scrap prices showed a mixed trend w-o-w on 17 February 2026, despite a decline in London Metal Exchange (LME) aluminium prices. While some grades remained supported due to steady demand, others faced mild corrections. Meanwhile, domestic Tense scrap prices firmed up on tight supply.
As per BigMint’s assessment, Middle East-origin Tense (8-9%) declined by $10/tonne (t) w-o-w to $1,980/t, whereas Extrusion 6063 rose sharply by $60/t w-o-w to $2,950/t.
Domestic aluminium prices in India declined w-o-w on 19 February, mirroring the drop in aluminium futures on the London Metal Exchange (LME) and the Multi Commodity Exchange (MCX), amid ongoing global supply concerns.
As per BigMint’s assessment, domestic aluminium ingot prices in Delhi NCR declined by INR 7,000/t, or 2%, w-o-w to INR 309,000/t. Similarly, Mumbai prices fell by INR 6,000/t, or 2%, w-o-w to INR 314,000/t as of 19 February 2026.
Copper
Imported copper scrap prices in India edged lower w-o-w in the week ended 17 February, mirroring a correction on the London Metal Exchange (LME). Domestic copper scrap prices also softened amid comfortable availability and subdued downstream demand.
According to BigMint’s assessment, Middle East-origin Birch Cliff scrap was assessed at $11,830/t CFR Mundra, falling by 3.3% w-o-w, while armature scrap prices fell 3% w-o-w to INR 1,110,000/t ex-Delhi. US motors mix prices also fell w-o-w to around $1,400/t CFR Mundra.
Zinc
India’s zinc scrap and dross prices softened w-o-w on 18 February 2026, as downstream buyers restricted procurement to immediate requirements amid a correction in global prices. Weak cues from the London Metal Exchange (LME) weighed on import prices, while domestic trading remained largely need-based.
BigMint assessed zinc diecast scrap (Middle East origin) at $2,640/tonne (t) CFR west coast India, down $35/t w-o-w. Three-month LME zinc stood at $3,346/t, slipping $72/t from $3,418/t last week, dampening booking interest.
Meanwhile, HZL on 19 Feb’26 reduced its zinc ingot prices by INR 8,000/t ($88/t) to INR 333,300/t ($3,660/t) compared to the previous revision on 16 Feb’26.
Lead
BigMint assessed zinc diecast scrap (Middle East origin) at $2,640/tonne (t) CFR west coast India, down $35/t w-o-w. Three-month LME zinc stood at $3,346/t, slipping $72/t from $3,418/t last week, dampening booking interest.
Meanwhile, HZL on 19 Feb’26 reduced lead ingot prices by INR 2,900/t ($32/t) to INR 206,600/t ($2,268/t) compared to the previous revision on 16 Feb’26.
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