India: Zinc ingot prices inch up by INR 1,000/t w-o-w; import premiums stay firm

• Limited imports keep Australian premiums at $260/t
• LME 3-month futures hold steady in balanced market

India’s zinc ingot (99.995%) prices rose by INR 1,000/tonne (t) w-o-w to INR 315,000/t ex-Delhi, as per BigMint’s assessment. The modest gain came despite Hindustan Zinc Limited (HZL) announcing a price cut, as ingot tags were supported by steady downstream demand and firm import premiums.

On 3 November 2025, HZL reduced its zinc ingot prices by INR 6,200/t ($70/t) to INR 323,900/t ($3,648/t) ex-Chanderiya, tracking a mild pullback in global benchmarks.

Traders revealed that Special High Grade (SHG) zinc ingots were offered at INR 310,000/t ex-Mumbai, up INR 6,000/t from last week. Australian-origin lots were quoted at a premium of $260/t over London Metal Exchange (LME) prices on a CFR Mundra Port basis amid limited import arrivals. In north India, Australian zinc was offered at INR 326,000/t ex-Delhi, down INR 7,000/t w-o-w.

Market participants noted that while global SHG zinc flows remained elevated, some tightness persisted in regional trade channels due to cautious buying and backwardation on the LME. Buyers held back purchases, awaiting clearer price direction. Meanwhile, HZL and Korean smelters were expected to divert more shipments to India amid subdued Southeast Asian demand. JNPT offers were heard around LME + $245/t, though spot buying interest remained limited.

Domestic alloy producers were increasingly substituting imported SHG with local supply, and initiatives such as Hindustan Zinc’s ZAM alloy project rollout supported incremental domestic value addition and consumption.

Global zinc futures snapshot

LME three-month zinc futures traded steady through the week, holding near the $3,000-3,080/t range as balanced supply and demand kept volatility low. Physical premiums in Asia stayed firm amid moderate spot tightness.

Outlook

India’s zinc market is likely to remain broadly stable in the near term, supported by firm import premiums and steady galvanising demand. However, HZL’s price cut, steady global inflows, and subdued buying during the festive period may cap any significant upside. Participants are closely tracking import flows, LME trends, and inventory changes for cues.