- HZL lifts offers by INR 10,500/t, tracking stronger global cues
- Buyers remain cautious, continue need-based procurement
India’s zinc ingot (99.995%) prices moved higher by INR 14,000/t w-o-w to INR 342,000/t ex-Delhi on 7 April, compared with INR 328,000/t a week earlier, supported by improved spot sentiment and stronger global cues. The increase followed a price revision by Hindustan Zinc Limited (HZL), which raised offers by INR 10,500/t to INR 340,000/t ex-Chanderiya. London Metal Exchange (LME) three-month zinc futures also increased by $137/t to $3,323/t w-o-w, providing additional support to the domestic uptrend.
Most buyers continued to adopt a cautious stance, limiting purchases to immediate requirements while closely tracking price sustainability at elevated levels.
Spot market firms amid rising offers
Domestic spot offers mirrored the firm trend, with SHG zinc quoted higher w-o-w at around INR 331,000/t ex-Mumbai, in line with the broader market movement. Import premiums for Australian-origin material increased w-o-w to around $260/t CFR JNPT, indicating continued cost support from overseas markets.
On the west coast, South Korea-origin imported SHG Zn (99.995%) was quoted at $3,580-3,585/t CFR Nhava Sheva, reflecting the impact of higher LME prices.
In north India, Australian-origin zinc was heard at INR 360,000-361,000/t ex-Delhi while PMI deals were heard near INR 291,000/t, suggesting selective buying activity and continued price sensitivity among downstream consumers.
Downstream alloy prices tracked zinc’s uptrend. Zamak 3 increased to around INR 351,000/t, while Zamak 5 rose to INR 358,000/t ex-works, supported by higher input costs and steady demand from end-use sectors.
Coated steel prices extend rally
Meanwhile, India’s coated flat steel prices rose sharply despite moderate demand. Galvanised plain (GP) coil prices increased by INR 3,600/t w-o-w to INR 80,600/t ex-Mumbai, while pre-painted galvanised iron (PPGI) surged by INR 5,100/t to INR 86,800/t and galvalume prices rose by INR 3,600/t to INR 89,600/t.
The uptrend was primarily driven by persistent supply-side constraints, elevated logistics costs, and ongoing geopolitical uncertainties impacting input prices. Mills implemented price hikes of around INR 2,500-3,250/t and maintained firm offers amid tight availability.
Outlook
Zinc prices are expected to remain firm with a positive bias in the near term, supported by higher HZL prices and continued strength in LME trends, although cautious buying behaviour may limit aggressive upside. Meanwhile, coated steel prices are likely to remain elevated, backed by ongoing supply tightness and sustained cost pressures, even as demand stays largely need-based.
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