- Indian copper scrap prices rise marginally
- Nanshan Aluminium doubles Southeast Asia alumina capacity
Base metals prices on the London Metal Exchange (LME) mostly moved higher on 23 December, led by a sharp rally in nickel, while aluminium edged slightly lower. Nickel prices jumped 3.03% d-o-d to $15,739/t, extending strong bullish momentum. Copper also recorded solid gains, rising 1.14% to $12,061/t, while zinc advanced 0.28% to $3,094/t. Lead prices firmed up by 0.56% to $1,983/t. In contrast, aluminium prices slipped marginally by 0.08% to $2,939/t.
LME warehouse inventories remained mixed. Copper stocks increased 0.52% to 158,575 t, and nickel inventories edged up slightly by 0.08% to 254,604 t. Aluminium stocks remained unchanged at 519,600 t. Meanwhile, zinc inventories declined 0.28% to 98,975 t, and lead stocks fell more sharply by 1.11% to 253,100 t.
Domestic market overview
In India’s non-ferrous markets, BigMint assessed copper armature scrap at INR 1,015,000/t ex-Delhi, up by INR 3,000/t d-o-d. Meanwhile, aluminium Tense scrap prices remained stable d-o-d at INR 197,000/t ex-Delhi and INR 190,000/t ex-Chennai, respectively.
Other market updates
South Korean court clears Korea Zinc’s US smelter funding plan
A South Korean court has rejected a bid by major shareholders MBK Partners and YoungPoong to block Korea Zinc’s plan to issue new shares to help fund its $7.4 billion critical minerals smelter project in the United States, clearing the way for the investment. Following the ruling, Korea Zinc shares jumped up to 5%, while YoungPoong shares slid more than 10%. The company plans to sell $1.9 billion worth of shares to a US government-controlled joint venture and strategic investors, giving them about a 10% stake, to support a Tennessee-based refinery aimed at reducing US dependence on China for critical minerals. While MBK and YoungPoong reiterated concerns over shareholder dilution, the court ruled the transaction supports US-led supply chain restructuring and deeper US-South Korea cooperation, allowing Korea Zinc to proceed with the project.
Nanshan Aluminium doubles Southeast Asia alumina capacity to four million tonnes
Nanshan Aluminium International Holdings has fully commissioned its new alumina production project in Southeast Asia, adding 2 mnt of annual capacity and doubling its total designed alumina output to 4 mnt/year. The ramp-up was completed in two phases, with the first 1 mnt line starting operations in Q3 2025 and the second line coming onstream on 20 December 2025, marking the transition to steady-state production. The expanded capacity is expected to strengthen the company’s cost competitiveness, support long-term profitability, and reinforce its market leadership and pricing power in Southeast Asia’s alumina market amid evolving regional trade flows. Nanshan Aluminium International, listed in Hong Kong and focused on alumina production and sales in Southeast Asia, currently has a market capitalisation of $3.37 billion.
Leave a Reply