- Australian-origin zinc premiums hold firm on tight supply
- Overall trading activity remains selective, need-based
India’s zinc ingot (99.995%) prices increased by INR 3,000/tonne (t) w-o-w to INR 321,000/t ex-Delhi on 6 January, as per BigMint’s assessment. The rise was driven by firmer offers in the physical market and higher import premiums, although overall trading activity remained moderate and largely need-based.
On 5 January 2026, Hindustan Zinc Limited (HZL) raised its zinc ingot prices by INR 3,600/t ($40/t) to INR 316,300/t ($3,505/t) ex-Chanderiya. The hike followed a recovery in global zinc benchmarks and an improvement in physical premiums for refined zinc.
Traders stated that special high-grade (SHG) zinc ingots were offered at INR 317,000/t ex-Mumbai, up INR 2,000/t w-o-w, supported by the tight availability of imported material. Australian-origin zinc was quoted at a premium of around $240/t over London Metal Exchange (LME) prices on a CFR JNPT basis, reflecting limited arrivals at Indian ports. Korean-origin material was heard offered at comparatively lower premiums of $220-230/t over LME on a CFR JNPT basis.
In north India, Australian-origin zinc was offered at INR 337,000/t ex-Delhi, marginally down INR 1,000/t w-o-w, as some sellers adjusted offers amid subdued spot demand despite elevated replacement costs.
Market participants indicated that while premiums and offers remained firm, buying interest was selective, with most consumers covering immediate requirements rather than building inventories.
Coated flat steel prices firm up on higher zinc costs
Indian coated flat steel prices strengthened w-o-w, supported by sustained mill price hikes, firmer sentiment in the flat steel market, and rising zinc prices. Improved demand momentum and expectations of further January mill hikes encouraged procurement activity.
As of 1 January, galvanised plain (GP) coil was assessed at INR 64,500/t ex-Mumbai, while base galvalume (BGL) stood at INR 76,500/t ex-Mumbai. Pre-painted galvanised iron (PPGI) was assessed at INR 71,800/t ex-Mumbai. All prices are exclusive of 18% GST.
Outlook
Domestic zinc prices are expected to remain firm in the near term, supported by elevated import premiums, limited availability of Australian-origin material, and supportive global cues. However, moderate downstream demand and cautious buying behaviour may limit sharp upside, with import flows and LME trends remaining key market drivers.
Leave a Reply