- Muted global cues keep domestic market rangebound
- Zinc oxide steady on balanced downstream demand
India’s zinc dross and zinc oxide markets remained largely stable w-o-w as of 29 April 2026, tracking a softer trend in global prices. Benchmark three-month London Metal Exchange (LME) zinc prices declined by $135/t w-o-w to $3,333/t, compared with $3,468/t a week earlier, limiting upward momentum in domestic secondary zinc markets.
Meanwhile, LME inventories fell by 4,725 t w-o-w to 101,125 t, indicating continued tightness in exchange stocks, though this provided limited support amid the broader price correction.
Despite the relatively stable pricing environment, market activity remained cautious, with buyers continuing to follow a need-based procurement approach.
Zinc dross, oxide price movements
Domestic zinc dross prices were largely stable w-o-w at INR 290,000/t ex-Delhi. In western India, prices were reported at around INR 285,000/t ex-Mumbai, reflecting a steady trend amid subdued global cues.
Meanwhile, zinc oxide (99% Zn) prices increased by INR 700/t w-o-w to INR 275,700/t ex-Delhi. The marginal uptick was supported by steady demand from downstream sectors such as rubber and chemicals.
The relatively stable dross prices and marginal rise in oxide values led to a slight narrowing of spreads, offering limited relief to oxide producers.
Scrap segment trends
In the north Indian zinc scrap market, large-sized Tukdi (97% Zn) prices were reported at around INR 293,000/t ex-Delhi, while mid-sized Tukdi was heard at INR 287,000-288,000/t.
Scrap prices remained largely stable in line with the broader market trend, with trading activity described as moderate. Buyers largely avoided aggressive purchases amid uncertain price direction.
Market sentiments
Market participants indicated that the recent correction in LME prices has led to a more cautious approach among buyers. Procurement remained primarily need-based, with limited interest in inventory build-up.
Sellers, meanwhile, maintained firm offers, citing replacement costs and relatively tight scrap availability, though overall deal activity remained measured.
Outlook
In the near term, zinc dross and oxide prices are expected to remain rangebound, with global price trends likely to dictate direction. While lower LME prices may cap sharp upside, tight inventories and steady downstream demand could lend some support. However, cautious buying behaviour may continue to limit significant price movements.
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