- India recommends extending anti-dumping duty on Chinese flat-rolled aluminium
- EU scrap restrictions may tighten India’s secondary aluminium supply
LME base metals traded mixed on 21 September, with copper leading gains, rising 0.96% d-o-d to $14,661/t, followed by nickel, up 0.84% to $16,318/t, and lead, which gained 0.81% to $1,937/t. Aluminium fell 0.65% to $3,267/t, while zinc edged higher by 0.17% to $3,927/t.
Copper was supported by stronger seasonal demand expectations in China, elevated Yangshan premiums and tight near-term availability. Meanwhile, broader strength in Chinese base metals supported nickel, zinc and lead, with zinc also benefiting from tighter nearby supply. In contrast, aluminium faced softer sentiment as high prices weighed on demand and better supply availability limited upside.
LME inventories recorded mixed trends. Zinc stocks posted the largest gain, rising 0.92% to 115,300 t, while nickel inventories edged up 0.01% to 278,826 t. Lead stocks fell 0.53% to 373,625 t, copper inventories declined 0.31% to 255,100 t, and aluminium stocks were unchanged at 242,600 t.
Domestic market overview
India’s non-ferrous scrap market witnessed mixed trends on 21 September. Aluminium tense scrap remained unchanged at INR 253,000/t ex-Delhi and INR 250,000/t ex-Chennai.
Meanwhile, aluminium P1020 ingot, ex-Delhi NCR, remained unchanged at INR 357,000/t. MCX aluminium declined 0.44% d-o-d, contrasting with stable domestic P1020 prices.
Copper armature scrap (Cu 99%), ex-Delhi, rose by INR 12,000/t, or 0.9%, to INR 1,342,000/t from INR 1,330,000/t. Meanwhile, MCX copper advanced 0.87%, indicating stable demand and supporting firmer domestic copper scrap prices.
Other updates
Oil remains above $100/bbl as markets assess US-Iran diplomacy
Oil prices rose on 22 September as markets monitored potential US-Iran diplomatic progress. Brent November futures gained $1.66 to $102/bbl. Meanwhile, crude flows through the Strait of Hormuz improved, although geopolitical risks remained elevated, Libya’s Sharara oilfield lost around 200,000 b/d following a pipeline disruption.
India recommends continuing anti-dumping duty on Chinese flat-rolled aluminium
India’s DGTR has recommended continuing the existing anti-dumping duty on certain flat-rolled aluminium products from China for another five years. The measure, imposed in December 2021, is due to expire on 5 December 2026, while the residual duty remains at $449/t. However, the recommendation requires a Central Government notification. The review found continued substantial Chinese imports and surplus capacity in China, indicating that the duty could remain relevant for India’s downstream aluminium market.
Vedanta restarts Zambia copper smelter after 106-day shutdown
Vedanta’s Konkola Copper Mines has restarted the Nchanga copper smelter in Zambia following 106 days of maintenance and repairs. The rehabilitation cost around $40 million, while the smelter has nominal copper production capacity of 311,000 t/year. The restart restores previously unavailable processing capacity after an extended outage. Consequently, the development could improve regional copper availability and influence treatment and refining economics.
Korea Zinc clears environmental review for $7.4bn Tennessee smelter
Korea Zinc has cleared a major environmental hurdle for Project Crucible, its planned $7.4 billion critical-minerals smelter and processing complex in Tennessee. The facility will produce around 540,000 t/year of non-ferrous metals, including approximately 300,000 t of zinc, 200,000 t of lead and 35,000 t of copper. Korea Zinc targets phased operations from 2029, which could alter US regional supply flows once the project starts.
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