- India withdraws major QCOs to ease sourcing
- US aluminium premiums surge on tariff hikes
At the close of trading on 14 November 2025, base metals prices on the London Metal Exchange (LME) showed mixed trends w-o-w, with lead witnessing a gain of 1.76% to $2,053/tonne (t). Meanwhile, LME warehouse stocks exhibited divergent trends, with zinc witnessing the highest gain of 11.68%.
On the LME, three-month aluminium prices stood at $2,859/t, up by 0.25% w-o-w, while zinc decreased by 1.39% to $3,021/t. Copper prices were at $10,852/t, up by 1% w-o-w, and lead was up by 0.56% at $2,064/t. Nickel stood at $14,891/t, down by 1.19% w-o-w.
India’s imported aluminium scrap prices edged down by $20-25/t w-o-w, following negative movements on the LME.
BigMint assessed UAE-origin Tense scrap at $1,945/t, down by $10/t w-o-w, while UK-origin Taint Tabor C/S (9-10%) stood at $2,020/t, stable w-o-w.
India’s aluminium ADC12 alloy ingot prices inched up m-o-m in November 2025, primarily due to positive auto demand following GST cuts.
Imported copper scrap prices in India inched up w-o-w, tracking positive movements on LME futures. Meanwhile, domestic copper scrap prices edged down, amid a muted-to-steady tone through the week.
According to BigMint’s assessment, Birch Cliff scrap was assessed at $10,040/t, up by 0.9% w-o-w, while US motors mix stood at $1,200/t (both CFR Mundra), up by 0.85% w-o-w.
India’s zinc scrap and dross market showed mixed trends w-o-w in a narrow range amid steady inquiries and firm supply, which limited significant price movements.
BigMint assessed zinc diecast scrap (Middle East origin) at $2,415/t CFR west coast India, down by $15/t w-o-w.
Domestic zinc spot prices stood at INR 318,000/t exw-Delhi, up by 0.95% w-o-w. HZL zinc prices were up by 0.28% w-o-w to INR 326,900/t ex-Chanderiya.
Lead
Domestic primary lead ingot prices stood at INR 191,000/t, up by 0.26% w-o-w, while re-melted ingots stood at INR 178,000/t, up by 0.85% w-o-w.
Meanwhile, HZL lead prices stood at INR 215,300/t ex-Chanderiya, up by 1.99% w-o-w.
Other updates
India withdraws key metal QCOs to ease sourcing bottlenecks
India has cancelled QCOs on aluminium, copper, zinc, nickel and tin, removing BIS rules that had slowed imports since 2023. The move aims to ease sourcing bottlenecks, reduce delays and improve raw-material availability for sectors such as automotive, electricals, and stainless steel.
US aluminium premiums surge on tariffs, tight supply
US aluminium premiums have jumped 155% after tariffs were doubled to 50%, pushing delivered costs near $4,800/t. Tight inventories, stalled Canada trade talks, and global supply cuts are expected to keep prices elevated into early 2026.
NALCO posts record Q2FY’26, H1FY’26 performance
NALCO reported its best-ever Q2FY’26 and H1FY’26 results, with Q2 profit up 35% y-o-y to INR 1,433 crore and H1 profit up 50%. Strong demand, higher aluminium prices, and record production of alumina and cast metal boosted performance.
KEI moves ahead with Gujarat copper plant expansion
KEI Industries is progressing with its new copper cable plant in Sanand, Gujarat, with Phase 1 targeted for November. The INR 1,000-crore project will raise cable output by 20-25% and strengthen export capacity over the next two years.
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