India: HZL raises zinc benchmark as LME prices remain firm

• LME zinc trades near $3,900/t despite rising exchange stocks
• BigMint’s assessment of SHG spot prices stands INR 18,400/t higher

Hindustan Zinc Ltd (HZL) raised its benchmark Special High-Grade (SHG) zinc ingot price by INR 3,800/t on 28 September to INR 429,300/t. The company also increased its lead benchmark by INR 1,100/t to INR 218,000/t.

BigMint’s latest SHG zinc assessment stood at INR 447,700/t ex-Delhi on 25 September, remaining INR 18,400/t above HZL’s revised benchmark.

Global zinc market remains firm

LME zinc three-month prices rose to $3,952/t and cash settlement to $4,060/t on 25 September. Zinc stocks increased to 121,600 t from 114,875 t on 23 September.

As of 1 pm on 28 September, LME zinc was around $3,873/t, down 0.5%.

LME lead three-month prices stood at $1,929/t and cash settlement at $1,902.50/t on 25 September. Lead stocks declined to 362,525 t from 365,925 t on 23 September.

As of 1 pm on 28 September, LME lead was around $1,919/t, down 0.52%.

Domestic benchmarks move higher

HZL’s latest revision follows increases of INR 900/t in zinc and INR 2,700/t in lead announced on 24 September. The latest benchmarks stand at INR 429,300/t for zinc and INR 218,000/t for lead.

BigMint’s assessment of spot prices remains INR 18,400/t above HZL’s benchmark, indicating continued firmness in domestic market levels. However, rising LME zinc stocks could limit further upside in international prices.

Hindustan Zinc reports progress in sustainability

HZL has also partnered with TERI for a 250-hectare ecological restoration project at its Chanderiya Lead-Zinc Smelter Complex. The company said renewable energy accounted for around 18% of its power consumption in FY’26, with a target of 70% by FY’28.

The company is targeting a 50% reduction in Scope 1 and 2 emissions and a 25% reduction in Scope 3 emissions by 2030, compared with its 2020 baseline.

Outlook

Domestic zinc prices will likely track HZL’s revised benchmark, LME movements and exchange inventory trends. The gap between HZL’s benchmark and BigMint’s physical assessment will remain a key indicator for domestic price movements.