India: HZL trims zinc ingot prices by INR 1,500/t amid weaker LME trend

• HZL’s prices higher than spot rates despite latest cut
• Domestic demand remains moderate, need based

Hindustan Zinc Limited (HZL) on 21 May 2026 reduced its zinc ingot prices by INR 1,500/t ($15/t) to INR 381,100/t ($3,956/t), while lead ingot prices were decreased by INR 1,000/t ($10/t) to INR 227,100/t ($2,357/t) compared to the previous revision on 18 May.

The latest revision follows weakness in overseas benchmarks. On the London Metal Exchange (LME), zinc prices were down by 1.07% at $3,530/t, while lead remained largely stable at $1,982/t as of 1:40 PM IST. On the domestic bourse, MCX zinc futures were trading at INR 368,000/t today.

Following the revision, HZL’s other zinc ingot grades were assessed at:

• SHG-CGG: INR 382,600/t
• SHG-Jumbo: INR 381,600/t
• HG: INR 380,600/t
• PW: INR 379,100/t

Despite the latest correction, HZL’s zinc prices remained elevated compared to spot prices. BigMint’s latest assessment for domestic SHG zinc ingots ex-Delhi stood at INR 377,700/t on 20 May.

Market participants noted that recent fluctuations in HZL prices are largely tracking volatility in LME zinc futures, while domestic demand remained moderate, with procurement largely on a need-based basis.

Meanwhile, Union Minister of Coal and Mines G. Kishan Reddy said, “Hindustan Zinc Limited will play a significant role in strengthening India’s mineral security, reducing import dependence and supporting long-term economic resilience”.

During his visit to HZL’s Rajpura Dariba Complex in Rajasthan, including the Sindesar Khurd Mine and Dariba Smelting Complex, the minister reviewed underground mining activities, smelting operations, and community development initiatives. He highlighted that HZL’s integrated mining-to-metal operations, emphasis on safety, innovation, and workforce diversity align with the vision of Viksit Bharat 2047 and Atmanirbhar Bharat.

Reddy further added, “HZL’s zinc, lead, and silver production is crucial for sectors such as renewable energy, electric vehicles, electronics, defence, and advanced manufacturing”.