India: Zinc ingot tags hold firm despite HZL price cut; imports slow in Oct’25

• Australian-origin zinc premiums hold firm at $250/t
• LME 3-month futures steady amid balanced fundamentals

India’s zinc ingot (99.995%) prices rose by INR 3,000/tonne (t) w-o-w to INR 318,000/t ex-Delhi, as per BigMint’s assessment. The gain came despite Hindustan Zinc Limited (HZL) announcing a price cut, as domestic tags were supported by firm import premiums and steady regional buying interest.

On 10 November 2025, HZL reduced its zinc ingot prices by INR 1,800/t ($20/t) to INR 324,200/t ($3,656/t) ex-Chanderiya, tracking a mild correction in global benchmarks.

Traders revealed that Special High Grade (SHG) zinc ingots were offered at INR 312,000/t ex-Mumbai, up INR 2,000/t from last week. Australian-origin lots were quoted at a premium of $250/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 330,000/t ex-Delhi, up by INR 4,000/t w-o-w.

Market participants said that slower-than-expected import arrivals were due to logistical constraints and increased competition from East Asian buyers. Despite the reduced inflows, demand from galvanisers and die-casters remained firm, although buyers showed caution in restocking ahead of year-end contract renewals.

India’s zinc ingot imports dip in Oct’25

After a steady rise through mid-2025, October recorded a sharp correction. Total volumes fell to 13,271 t, down 25% from 17,602 t in October 2024. Compared to September 2025 (28,871 t), the decline was even sharper at 54%, underscoring weaker trade activity.

Global zinc futures snapshot

LME three-month zinc futures traded in a narrow band of $3,030-3,090/t, with balanced fundamentals limiting volatility. Asian physical premiums stayed firm amid tight spot availability, while LME warehouse inventories remained low, reinforcing bullish sentiment in the physical market.

Outlook

India’s zinc market is expected to remain steady in the short term, supported by firm downstream demand and resilient import premiums. However, limited import arrivals, coupled with HZL’s recent price adjustments, may create regional price disparities. Market participants are closely tracking global flows, LME trends, and domestic galvanising demand for near-term direction.