India: HZL cuts zinc prices by INR 2,000/t, lead by INR 2,300/t

• HZL zinc prices continue to trade above domestic spot market levels
• Zinc procurement remains need-based despite firmer LME prices

Hindustan Zinc Ltd (HZL) on 15 June 2026 reduced zinc ingot prices by INR 2,000/t ($23/t) and lead ingot prices by INR 2,300/t ($27/t) compared with its previous revision announced on 11 June.

Following the revision, HZL’s benchmark Special High Grade (SHG) zinc ingot prices were reduced to INR 375,600/t ($4,385/t), while lead ingot prices declined to INR 223,000/t ($2,603/t).

Other revised zinc grades were:

Special High Grade-Continuous Galvanising Grade (SHG-CGG): INR 377,100/t ($4,403/t)
Special High Grade Jumbo (SHG-Jumbo): INR 376,100/t ($4,391/t)
High Grade (HG): INR 375,100/t ($4,379/t)
Prime Western (PW): INR 373,600/t ($4,362/t)

On the London Metal Exchange (LME), zinc prices were trading at $3,608/t, up 0.7%, while lead prices gained 0.43% to $1,975/t as of 12:30 PM IST. The gains were supported by improved risk sentiment across commodity markets following easing geopolitical tensions and a weaker US dollar, which boosted investor interest in industrial and precious metals.

Despite the latest reduction, HZL’s SHG zinc prices remained above domestic spot market levels. According to BigMint’s latest assessment on 13 June, zinc ingot prices stood at around INR 373,000/t ex-Delhi, placing HZL’s benchmark SHG prices at a premium of approximately INR 2,600/t. Market participants indicated that procurement activity remained largely need-based, with buyers maintaining cautious purchasing patterns despite the recent uptick in international zinc prices.

The broader zinc market continues to draw support from relatively tight supply fundamentals and historically low exchange inventories. However, participants remain watchful of global economic indicators, Chinese industrial demand trends and developments in monetary policy for further price direction.

Meanwhile, shares of Hindustan Zinc, India’s largest silver producer, gained around 3% in morning trade on 15 June amid a strong rally in global precious metal prices. Market sentiment improved after the United States and Iran announced a peace agreement, which helped lift gold and silver prices while weakening the US dollar. The development boosted investor confidence in precious metal-linked companies, with Hindustan Zinc among the notable gainers.

Overall, while international market developments and macroeconomic factors may continue to influence short-term price movements, supportive supply conditions and steady domestic demand are expected to provide underlying support to the Indian zinc market.