- Import tightness supports offers
- HZL price hike lifts sentiment
India’s zinc ingot (99.995%) prices increased by INR 2,000/tonne (t) w-o-w to INR 320,000/t ex-Delhi on 21 January, as per BigMints 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 19 January 2026, Hindustan Zinc Limited (HZL) raised its zinc ingot prices by INR 4,600/t ($51/t) to INR 332,000/t ($3,656/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 319,000/t ex-Mumbai, up INR 4,000/t w-o-w, supported by the tight availability of imported material. Australian-origin zinc was quoted at a premium of around $250/t over London Metal Exchange (LME) prices on a CFR JNPT basis, reflecting limited arrivals at Indian ports.
In north India, Australian-origin zinc was offered at INR 334,000/t ex-Delhi, marginally down INR 2,000/t w-o-w, with buying interest remaining muted due to ample domestic availability and sluggish downstream demand. Market participants also heard zinc PMI deals at around INR 291,000/t, while korea & Iran-origin zinc was quoted near INR 314,000/t ex-Delhi, pointing to a wide price spread across origins.
On the global front, the London Metal Exchange recently suspended deliveries of KZ/YP zinc and lead brands. While the exact reason remains unspecified, market participants indicated it may be linked to brand registration expirations. LME inventories in South Korean warehouses for special high-purity zinc remain low, at just 625 t as of December 2025. However, the limited volume suggests minimal immediate impact on overall zinc supply.
Coated flat steel prices firm up
Indian coated flat steel prices rose marginally w-o-w as mills tested higher levels, though buying remained selective. GP coil (0.8 mm, 120 gsm) was assessed at INR 65,800/t ex-Mumbai, up INR 400/t w-o-w, while PPGI (0.5 mm, 90 gsm) increased INR 300/t to INR 73,800/t. Galvalume (0.5 mm, AZ150) was steady at INR 76,500/t. Trade sentiment stayed mixed across regions, with clearer demand signals expected post-festive.
Outlook
Domestic zinc prices are expected to remain firm, 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.
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