- HZL hikes zinc ingot prices by INR 2,800/t
- Domestic premiums tight, warehouse inventories high
India’s zinc ingot (99.995%) prices rose by INR 2,000/tonne (t) w-o-w to INR 304,000/t ex-Delhi, as per BigMint’s assessment. The increase was supported by firm import premiums, restricted arrivals, and renewed buying from galvanisers ahead of the festive season.
On 13 October 2025, Hindustan Zinc Limited (HZL) increased its zinc ingot prices by INR 2,800/t ($32/t) to INR 320,400/t ($3,609/t) ex-Chanderiya, tracking global cues.
Traders reported Special High Grade (SHG) zinc ingots offered at INR 297,000/t ex-Mumbai, up INR 2,000/t from last week, with Australian-origin lots quoted at a $250/t premium over LME prices on CFR JNPT basis amid limited imports.
In north India, Australian zinc was offered at INR 338,000/t ex-Delhi. Some sources added that domestic premiums over LME were revised from $148 to $130 ex-plant + duty, the minimum purchase size was lowered to 25 t, enabling smaller buyers to access direct supply thereby increasing competition in the market.
In the import market, duty-free zinc was offered at around $255-260/t, with Kolkata sales below $200/t premium amid surplus and distressed trading. Supply overhang from September and large MCX warehouse stocks in Navi Mumbai have capped spot demand.
Market commentary
“The domestic market remains weak due to the backwardated MCX curve. Many buyers are cautious, preferring short-term procurement as premiums are tight and warehouse inventories are high,” said a Delhi-based trader.
“HZL’s smaller lot option has opened up access for mid-sized buyers, but margins remain squeezed. Import offers from Australia are still commanding premiums due to the lack of Korean and Chinese inflows,” another Mumbai-based importer noted.
Global Zinc Futures Snapshot – 14 October
LME three-month zinc futures eased w-o-w, settling around $2,950/t within an intraday range of $2,912-3,025/t. Prices corrected after earlier gains as traders booked profits amid slightly higher inventories at 38,600 t. Despite the dip, stocks remain near multi-year lows, highlighting ongoing supply tightness. Market sentiment stayed cautious, pressured by soft demand cues and macro uncertainty.
Outlook
Zinc prices are likely to remain rangebound in the near term as traders balance tight LME inventories against tepid domestic demand. Import premiums for Australian-origin zinc are expected to stay firm around $250–270/t to protect trader margins. However, ample MCX stocks, duty-free imports, and limited Chinese export activity may restrain any sharp upside.
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