India: HZL cuts zinc benchmark as LME prices ease

• LME zinc three-month prices fall to $3,842/t amid elevated exchange stocks
• BigMint’s assessment of SHG spot prices stands INR 14,300/t above HZL’s revised benchmark

Hindustan Zinc Ltd (HZL) cut its benchmark Special High-Grade (SHG) zinc ingot price by INR 5,600/t on 1 October to INR 423,700/t. The company also reduced its lead benchmark by INR 2,800/t to INR 215,200/t.
BigMint’s latest SHG zinc assessment stood at INR 438,000/t ex-Delhi on 30 September, remaining INR 14,300/t above HZL’s revised benchmark.

Global zinc market eases

LME zinc three-month prices declined to $3,842/t and cash settlement to $3,954/t on 30 September, compared with $3,952/t and $4,060/t, respectively, on 25 September. Zinc stocks stood at 121,600 t, unchanged from 25 September, after rising to 123,550 t on 29 September.

The decline in zinc prices comes alongside elevated exchange inventories, which could weigh on international market sentiment.
LME lead three-month prices declined to $1,890/t and cash settlement to $1,856/t on 30 September from $1,929/t and $1,902.50/t, respectively, on 25 September. Lead stocks declined to 357,350 t from 362,525 t over the same period.

Domestic benchmarks move lower

HZL’s latest revision follows increases of INR 3,800/t in zinc and INR 1,100/t in lead announced on 28 September. The latest benchmarks stand at INR 423,700/t for zinc and INR 215,200/t for lead.

BigMint’s assessment of spot zinc prices remains INR 14,300/t above HZL’s revised benchmark, although the gap has narrowed from INR 18,400/t previously. The correction in HZL’s benchmark comes as LME zinc prices have softened from late-September levels.

Hindustan Zinc retains LEED Platinum certification

Hindustan Zinc has retained LEED Platinum certification for Yashad Bhawan, its corporate headquarters in Udaipur, with a score of 84 out of 100 under the LEED v4.1 Existing Buildings: Operations & Maintenance rating system.

The company said clean power accounted for 22% of its energy mix and that it is targeting a 70% share of renewable power by FY’28. HZL is also targeting net-zero emissions by 2050 or earlier, alongside initiatives covering water stewardship, biodiversity and circular economy

Outlook

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