- HZL reduces zinc ingot prices in line with LME decline
- Earlier mill hikes offset slow demand in coated flat steel
India’s zinc ingot (99.995%) prices slipped by INR 3,000/tonne (t) w-o-w to INR 318,000/t ex-Delhi, according to BigMint’s assessment. The decline was driven by weak spot demand from galvanisers and alloy makers, alongside softer global benchmarks.
On 12 January, Hindustan Zinc Limited (HZL) reduced its zinc ingot prices by 6,200/t ($69/t) to INR 322,400/t ($3,585/t) ex-Chanderiya, tracking the drop in London Metal Exchange (LME) zinc prices.
At the close of trading on 13 January 2026, LME zinc three‑month prices rose 0.4% to $3,256/t from $3,242/t on 6 January 2026. However, mid-week, prices fell 3% to 3,144/t on 9 January from $3,242/t on 6 January. Meanwhile, LME zinc inventories increased by 1% from 105,775 t to 106,900 t.
Traders reported special high-grade (SHG) zinc ingots at INR 315,000/t ex-Mumbai, down INR 2,000/t w-o-w, as market liquidity remained limited and buyers remained cautious. Import offers for Australian-origin SHG were quoted at a $230/t premium over LME on a CFR Mundra basis, though deals were sparse.
In north India, Australian-origin zinc was offered at INR 338,000/t ex-Delhi, with buying interest remaining muted due to ample domestic availability and sluggish downstream demand. Market participants also heard zinc PMI deals at around INR 291,000/t, while Iranian-origin zinc was quoted near INR 320,000/t ex-Delhi, pointing to a wide price spread across origins.
Market participants noted that most purchases were need-based, with only a handful of large consumers active in the spot market.
Coated flat steel prices rise despite weak offtake
In contrast, Indian coated flat steel prices firmed up w-o-w, supported by earlier mill-led list price hikes. GP coil (0.8 mm, 120 gsm) was assessed at INR 65,400/t exy-Mumbai, up INR 900/t. PPGI (0.5 mm, 90 gsm) increased INR 1,700/t to INR 73,500/t, while galvalume (0.5 mm, AZ150) remained stable at INR 76,500/t ex-Mumbai. Market participants noted cautious buying across regions, with construction and appliance demand yet to show a meaningful pick-up.
Korea Zinc to launch rare-earth recycling venture in US
Korea Zinc is forming a joint venture with US firm Alta Resource Technologies to recycle end-of-life permanent magnets and produce rare-earth oxides, targeting commercial operations in 2027. The initial capacity will process about 100 t/year of high-purity neodymium, praseodymium, dysprosium and terbium oxides at an existing site operated by Korea Zinc’s US subsidiary, PedalPoint. The move aims to diversify supply chains critical for EVs, wind turbines and defense systems.
Manaksia commissions Alu-Zinc upgrade at Kutch CGL
Manaksia Coated Metals and Industries has commissioned an aluminium-zinc technology upgrade at its continuous galvanising line (CGL) in Kutch, Gujarat, reinforcing its shift toward value-added coated steel. The upgrade has increased installed capacity to 180,000 t/year from 132,000 t/year, enabling production of premium Alu-Zinc coated products with higher corrosion resistance and longer service life. Company officials said the revamped line improves operating efficiency and coating quality, positioning Manaksia to tap rising domestic and export demand for higher-margin coated steel segments.
Outlook
Zinc prices are likely to remain under pressure in the next week, tracking LME movements and subdued galvanising demand, while coated steel prices may stay at around the current levels, supported by mill discipline but limited by weak end-user consumption.
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