- Supply surge from Guinea weighs on bauxite prices
- EAEU extends anti-dumping duties on aluminum strips
Non-ferrous metals on the London Metal Exchange (LME) showed a mostly bearish trend on 28 April 2026. Despite slight declines in inventories, aluminum decreased by 1.10%, copper fell by 1.34%, zinc dropped by 0.81%, and lead edged lower by 0.18%, indicating weak overall sentiment. Nickel was the only gainer, rising by 1.85%, reflecting relatively bullish sentiment on demand expectations.
LME inventories continued to trend lower across all major non-ferrous metals, indicating mild supply tightening. Aluminum stocks declined by 0.95% to 372,700 tonnes (t), while nickel remained largely stable with a marginal dip of 0.01% to 277,518 t. Copper inventories fell by 0.34% to 391,250 t, and zinc saw the sharpest drop of 1.75% to 101,025 t. Lead stocks also edged lower by 0.12% to 269,700 t, reflecting an overall gradual drawdown in exchange inventories.
Domestic market overview
India’s non-ferrous prices remained steady d-o-d. Aluminum tense scrap (loose) prices in Delhi remained stable d-o-d at INR 295,000/t exy. In contrast, tense scrap prices in Chennai decreased by INR 1,500/t d-o-d or 0.5% to INR 307,000/t on 28 April from INR 308,500/t on 27 April.
Meanwhile, copper armature scrap (Cu 99%) prices remained steady at INR 1,142,000/t exy-Delhi, indicating stable buying activity.
Other market updates
Strong bauxite supply pressures prices
Guinea’s bauxite output surged by around 25% yo-y in Q1CY’26 to approximately 60.9 million tonnes (mnt), primarily driven by strong demand from China, which continues to account for over 70% of the country’s exports. Amid the robust production growth, bauxite prices have come under pressure, falling to multi-year lows of around $32-38/t due to global oversupply. This indicates a near-term bearish sentiment for upstream aluminum raw materials, even as demand remains firm.
However, the outlook may shift in the coming months as Guinea plans to introduce export curbs to stabilize prices, protect smaller miners, and support government revenues. These measures, along with factors such as seasonal disruptions, high fuel costs, and potential production cutbacks, are expected to slow supply growth later in 2026. As a result, while the aluminum value chain currently faces oversupply pressures, tightening supply conditions could lend support to prices in the medium term.
Rising oil prices support non-ferrous metals amid supply concerns
Oil prices moved higher amid reports that the US may extend its blockade on Iran, raising concerns over prolonged supply disruptions in the Middle East. This has strengthened bullish sentiment in the energy market, with tighter supply expectations supporting crude prices. For the non-ferrous segment, higher oil prices translate into increased production and transportation costs, particularly for energy-intensive metals such as aluminum, copper, and zinc, thereby offering underlying support to prices despite mixed demand conditions.
Looking ahead, sustained geopolitical tensions and supply risks are expected to keep oil prices firm, maintaining cost pressures across the non-ferrous value chain. Higher fuel and logistics expenses could limit downside in metal prices and support market sentiment. Overall, the non-ferrous market outlook remains cautiously positive, driven largely by cost-push factors rather than strong demand recovery.
EAEU extends anti-dumping duties on aluminum strips
The Department for Internal Market Defense of the Eurasian Economic Commission has concluded its sunset review on aluminum strip imports from China and Azerbaijan. The findings indicate that removing existing anti-dumping duties could lead to a recurrence of dumping practices and continued injury to domestic industries within the Eurasian Economic Union.
Based on this, the commission has recommended extending the current duties for another five years. Under the proposal, imports from China will attract a duty of 13.14%, while Azerbaijan will face a higher rate of 16.18%, covering specified aluminum strip tariff categories.
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