India’s zinc ingot (99.995%) prices surged by INR 10,000/t week-on-week to INR 337,000/t ex-Delhi on 24 February, as per BigMint’s assessment, supported by firm global cues and tightening availability.
On 23 February 2026, Hindustan Zinc Limited increased its zinc ingot prices by INR 4,900/t to INR 338,200/t ex-Chanderiya, aligning domestic tags with rising global benchmarks.
LME zinc rises; exchange stocks trend lower
Benchmark prices on the London Metal Exchange firmed through the week. LME zinc cash settlement rose to $3,351/t on 24 February from $3,277/t on 18 February, marking a $74/t increase over the period. The three-month contract climbed to $3,383.50/t on 24 February, up from $3,307/t on 18 February.
Meanwhile, LME zinc inventories declined to 101,250 t on 24 February from 102,000 t on 18 February, down 750 t over the week, signalling tighter visible supply and supporting bullish sentiment.
Import premiums widen; alloy segment under pressure
Australian-origin zinc continued to command premiums of around $250/t over LME on a CFR JNPT basis amid limited arrivals. In north India, Australian material was quoted as high as INR 351,000/t ex-Delhi, up INR 10,000/t w-o-w. Korea- and Iran-origin material was heard near INR 338,000/t ex-Delhi, while PMI deals were reported around INR 288,000/t, reflecting a wide inter-origin spread.
A Delhi-based alloy producer said Zamak 3 eased to INR 347,000-348,000/t and Zamak 5 to around INR 353,000/t ex-works, indicating margin pressure despite higher ingot costs.
Coated steel prices rise on supply discipline
Coated flat steel prices moved higher w-o-w as of 19 February. GP coil rose by INR 500/t to INR 69,400/t, PPGI increased by INR 500/t to INR 77,400/t, and BGL jumped INR 2,000/t to INR 81,000/t ex-Mumbai. Mills cited controlled dispatches, tight availability of select grades, and 15-20 days of inventory across key regions.
Outlook
Zinc prices in India are likely to remain firm in the near term, underpinned by the recent $74/t rise in LME cash zinc to $3,351/t and a 750 t drawdown in exchange stocks to 101,250 t, signalling tightening global availability. Strong import premiums of around $250/t over LME for Australian-origin material and limited port arrivals are expected to keep domestic SHG prices elevated, particularly in north India.
However, resistance may emerge above the INR 340,000-345,000/t ex-Delhi range as downstream alloy makers report margin pressure and cautious bookings. Unless LME zinc extends gains beyond $3,400/t or inventories see a sharper decline, domestic prices may stabilise at current highs with intermittent corrections driven by profit booking and liquidity constraints.
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