- Domestic zinc prices rise INR 1,000/t w-o-w amid tighter imports
- HZL cuts prices again; downstream buying remains cautious
India’s zinc ingot (99.995%) prices increased by INR 1,000/t w-o-w to INR 374,000/t ex-Delhi on 23 June 2026, according to BigMint’s assessment. The modest gain was supported by tighter import availability and supply-side concerns in the overseas market, although downstream demand from galvanisers and alloy manufacturers remained subdued. Most buyers continued to procure material only against immediate requirements amid limited visibility on consumption recovery and ongoing monsoon-related disruptions.
HZL price cut caps market gains
Domestic sentiment remained cautious after Hindustan Zinc Ltd (HZL) reduced zinc ingot prices by INR 500/t on 22 June. Following the revision, HZL’s benchmark Special High Grade (SHG) zinc prices stood at INR 377,800/t. Market participants noted that the latest price adjustment limited bullish sentiment despite tightening import availability, with buyers largely refraining from aggressive stock-building.
Meanwhile, LME three-month zinc prices declined to $3,500/t on 23 June from $3,571/t a week earlier, while cash settlement prices eased to $3,503/t from $3,550/t over the same period. LME zinc inventories also edged down to 123,150 t from 124,550 t, indicating marginally tighter exchange availability.
Import market supported by supply disruptions
Imported zinc market activity remained relatively muted, although supply-side concerns continued to support premiums. South Korean SHG premiums were heard at around $270-280/t, while spot premiums were reported near $280/t amid tightening concentrate market conditions and negative treatment charges (TCs).
Australian-origin zinc ingots were offered at approximately INR 386,000/t ex-Delhi, while South Korean-origin units were indicated near INR 375,000/t. PMI-grade zinc was heard around INR 333,000/t.
Market participants highlighted ongoing supply disruptions from leading Asian zinc producers, reducing export availability to India and supporting premiums. Shipments to India have declined significantly, while lower production levels across the region have further tightened spot availability.
Alloy and coated steel market update
Downstream alloy prices remained largely stable despite weakness in broader demand conditions. Zamak 3 was assessed at INR 377,000/t, while Zamak 5 was heard at INR 384,000/t ex-works.
In the coated steel segment, demand remained subdued across most categories. GP coil prices declined by INR 500/t w-o-w to INR 75,300/t amid weak trading activity and cautious procurement. PPGI prices were stable at INR 85,200/t, supported by steady demand from roofing and infrastructure-related applications. Meanwhile, BGL prices decreased by INR 500/t to INR 90,000/t as sluggish market activity outweighed the impact of tighter availability in thinner gauges.
Outlook
India’s zinc ingot prices are expected to remain largely range-bound in the near term. While tightening import availability, elevated overseas premiums and supply disruptions at key Asian producers may provide support, weak downstream demand and cautious buying are likely to cap any significant upside. Market participants will closely monitor HZL pricing decisions, LME trends and post-monsoon demand recovery signals for further direction.
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