- Prices correct after recent upward momentum
- Exchange-led weakness pushes aluminium lower
Domestic aluminium prices in India declined week-on-week as of 30 April 2026, tracking softer trends on the London Metal Exchange (LME) and Multi Commodity Exchange of India.
As per market assessments, P1020 ingot prices in Delhi NCR fell by INR 7,000/t, or 2%, w-o-w to INR 370,500/t. Similarly, Mumbai prices declined by INR 6,000/t, or 1.6%, w-o-w to INR 371,000/t on 30 April, compared to INR 377,000/t on 24 April.
How did Indian and global exchanges perform?
Domestic aluminium futures on the Multi Commodity Exchange of India declined w-o-w by INR 7,620/t, or 2%, to INR 348,140/t, indicating a softer trend in the domestic market.
In the global market, three-month aluminium prices on the London Metal Exchange (LME) fell by $118/t, or 3.3%, to $3,482/t. Meanwhile, stocks at LME-registered warehouses decreased by 14,000 t, or 3.7%, to 367,050 t, reflecting continued drawdown in inventories.
Market sentiment remained volatile, with initial profit-booking after aluminium tested above $3,600/t followed by a quick recovery, keeping prices elevated. Downside was limited by supply disruptions, geopolitical risks, and logistics uncertainty, while LME inventories below 400,000 t signalled tight physical availability. Despite intermittent corrections, firm demand, tight spreads, and low stocks kept the market supported at elevated levels.
Market updates
A major primary producer indicated that domestic P1020 aluminium premiums remained firm at $310/t, supported by the rebound in global benchmark prices and tight near-term supply conditions. Buying activity has turned cautious at elevated levels, though stronger London Metal Exchange (LME) prices and declining inventories continue to support offers. While availability remains stable, rising replacement costs are increasingly influencing sentiment and pricing.
Producer prices across India remained range-bound, with earlier gains moderating as market sentiment weakened in line with broader price corrections.
NALCO’s primary aluminium ingot (P1020, 99.7%) price increased by INR 8,900/t, or around 2.3%, from INR 383,600/t on 16 April to INR 392,500/t on 24 April, indicating a continued firming trend in producer pricing.
Meanwhile, BALCO reported a 1.4% w-o-w increase, with average prices rising to INR 417,500/t from INR 411,917/t, while Hindalco saw a marginal 0.4% uptick to INR 414,250/t from INR 412,500/t.
Outlook
Domestic aluminium prices are expected to remain range-bound with a mild downside bias, tracking movements on the London Metal Exchange (LME) and Multi Commodity Exchange of India. While tight global inventories and intermittent supply constraints may offer support, weak domestic demand momentum, cautious buying, and recent price corrections are likely to cap any upside. Overall, sentiment is expected to stay volatile with prices closely following global cues and inventory trends.
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