India: HZL cuts zinc prices by INR 3,700/t, lead by INR 2,400/t

• HZL zinc prices continue to trade above domestic spot market levels
• Procurement activity remains need-based amid softer LME zinc prices

Hindustan Zinc Ltd (HZL) on 11 June 2026 reduced zinc ingot prices by INR 3,700/t ($43/t) and lead ingot prices by INR 2,400/t ($28/t) compared with its previous revision announced on 8 June.

Following the revision, HZL’s benchmark Special High Grade (SHG) zinc ingot prices were lowered to INR 377,600/t ($4,408/t), while lead ingot prices declined to INR 225,300/t ($2,631/t).

Other revised zinc grades were:

Special High Grade-Continuous Galvanising Grade (SHG-CGG): INR 379,100/t ($4,426/t)
Special High Grade Jumbo (SHG-Jumbo): INR 378,100/t ($4,414/t)
High Grade (HG): INR 377,100/t ($4,403/t)
Prime Western (PW): INR 375,600/t ($4,385/t)

On the London Metal Exchange (LME), zinc prices were trading at $3,450/t, down 0.5%, while lead prices remained largely unchanged at $1,962/t as of 12:30 PM IST. Weakness in zinc prices was attributed to cautious sentiment across the industrial metals complex amid ongoing macroeconomic uncertainties and a stronger US dollar.

Despite the latest reduction, HZL’s SHG zinc prices continued to remain above domestic spot market levels. According to BigMint’s latest assessment on 9 June, zinc ingot prices stood at around INR 372,000/t ex-Delhi, placing HZL’s benchmark SHG prices at a premium of approximately INR 5,600/t. Market participants indicated that procurement activity remained largely need-based, with buyers refraining from aggressive restocking amid fluctuating international prices and subdued visibility on downstream demand.

The larger zinc market continues to find support from relatively tight supply conditions and historically low exchange inventories, although recent declines in LME prices have weighed on sentiment. Market participants are closely monitoring developments in global manufacturing activity, interest rate expectations and Chinese demand indicators for further price direction.

Meanwhile, Hindustan Zinc recently signed a Memorandum of Understanding (MoU) with Sulfozyme Agro India Pvt. Ltd. to develop sustainable and environmentally responsible metal recovery solutions. The partnership aims to leverage bio-based technologies to improve the recovery of valuable metals from low-grade ores, mine waste and tailings, supporting the company’s circular economy objectives and long-term sustainability strategy.

Under the collaboration, Sulfozyme Agro will contribute expertise in microbial and bio-processing technologies to enhance resource recovery, reduce waste generation and improve operational efficiency. The initiative is expected to help unlock additional value from existing mining resources while promoting cleaner and more sustainable mining practices.

Overall, while softer international zinc prices and macroeconomic uncertainties may continue to influence short-term market sentiment, supportive supply fundamentals and ongoing sustainability-driven investments are expected to provide underlying support to the domestic zinc sector.