India: HZL raises zinc benchmark as LME prices remain firm

• HZL raises zinc benchmark by INR 900/t to INR 425,500/t
• LME zinc remains near $3,900/t despite elevated stocks

Hindustan Zinc Ltd (HZL) raised its benchmark Special High-Grade (SHG) zinc ingot price by INR 900/t on 24 September to INR 425,500/t. The company also increased its lead benchmark by INR 2,700/t to INR 216,900/t.

BigMint’s latest SHG zinc assessment stood at INR 437,500/t ex-Delhi on 18 September, remaining INR 12,000/t above HZL’s revised benchmark.

Global zinc market remains firm

LME zinc prices remained elevated, with the three-month contract at $3,893/t and cash settlement at $3,949/t on 23 September. Zinc stocks stood at 114,875 t, down from 116,850 t on 21 September but still above 112,675 t recorded on 16 September.

LME lead prices also remained firm, with the three-month contract at $1,928/t and cash settlement at $1,885.50/t on 23 September. Lead stocks declined to 365,925 t from 372,725 t on 21 September.

Domestic benchmarks move higher

HZL’s latest revision raises its zinc benchmark by INR 900/t, following the INR 4,000/t increase announced on 21 September. The benchmark now stands at INR 425,500/t.

The lead benchmark was also raised by INR 2,700/t to INR 216,900/t, following the INR 2,800/t increase announced on 21 September.

The latest revision comes as LME zinc remains close to $3,900/t, while exchange stocks have eased from their recent peak. BigMint’s physical market assessment remains above HZL’s benchmark, with a gap of INR 12,000/t, indicating continued firmness in domestic market levels.

HZL appoints Amarendu Prakash as CEO

Hindustan Zinc has appointed former Steel Authority of India Ltd (SAIL) Chairman Amarendu Prakash as its Chief Executive Officer, succeeding Arun Misra, who recently moved to the role of Group Chief Executive Officer at Vedanta Ltd.

Prakash assumed charge on 24 September and brings extensive experience in the metals and manufacturing sector. He served as SAIL chairman from May 2023 until his resignation in April 2026.

The leadership transition comes as HZL continues to focus on operational efficiency, critical minerals, downstream manufacturing and value-added metal production.

The company also recently reported strong quality and operational performance, securing 50 Gold and nine Silver Awards across its operations at the Chapter Conventions on Quality Concepts (CCQC) 2026.

Outlook

Domestic zinc prices will likely track the combined impact of HZL’s revised benchmark, LME price movements and exchange inventory trends. The gap between HZL’s benchmark and physical market assessments will remain a key indicator for domestic price movements in the coming sessions.