- Hindalco accelerates aluminium capacity expansion plans
- Glencore copper output declines amid operational challenges
London Metal Exchange (LME) base metals prices showed mixed trends over the week ended 31 January 2026, reflecting varied supply-demand dynamics and inventory movements across the complex. Aluminium prices declined 2.05% w-o-w to $3,110/t despite a 2.28% drop in LME stocks to 495,725 t. Nickel fell the steepest by 5.85% w-o-w to $17,540/t, even as inventories rose marginally by 0.90% to 286,284 t, weighing on sentiment.
Copper prices outperformed, gaining 3.48% w-o-w to $13,370/t, supported by demand optimism, although LME stocks increased 1.91% to 174,975 t, indicating easing supply constraints. Zinc prices advanced 3.79% w-o-w to $3,343/t, aided by a 1.35% drawdown in inventories to 110,000 t, signalling improving fundamentals. Lead prices slipped 1.76% w-o-w to $1,957/t, despite a sharp 4.39% decline in stocks to 205,725 t, limiting downside pressure.
Aluminium
India’s imported aluminium scrap prices showed mixed movements as of 31 January 2026 despite firm prices on the LME and tight domestic supply. While a few grades registered marginal w-o-w corrections, overall prices remained elevated.
BigMint assessed Middle East-origin Tense (8-9%) at $2,000/tonne (t), up $10/t w-o-w, whereas Extrusion 6063 edged down by $10/t to $2,900/t, though demand for the grade remained firm.
Domestic aluminium prices in India edged higher w-o-w, driven by a rise in LME and MCX aluminium futures, as global supply concerns persisted.
As per BigMint’s assessment, domestic aluminium ingot prices in Delhi increased by INR 8,000/t, or 3%, w-o-w to INR 326,000/t, while Mumbai prices jumped by INR 32,000/t, or 10%, w-o-w to INR 351,000/t as of 29 January.
Global alumina production increased by 5.1% y-o-y to 144.98 million tonnes (mnt) in CY’25 from 137.88 mnt in CY’24, according to the International Aluminium Institute (IAI). Meanwhile, global primary aluminium production stood at 73.78 mnt in calendar year (CY) 2025, marking a 1.1% y-o-y increase from 73.01 million tonnes in CY’24.
Copper
Imported copper scrap prices in India recorded a strong upswing w-o-w in the week ended 31 January, tracking a rebound in benchmark copper futures on the LME. Domestic copper scrap prices also moved higher, supported by firm replacement costs and improving market sentiment, though buying activity remained measured.
According to BigMint’s assessment, Middle East-origin Birch Cliff scrap was assessed at $12,795/t CFR Mundra, up sharply by 9.8% w-o-w. Brass Honey prices also rose across origins, with European-origin material assessed at $7,730/t, up 9.4% w-o-w, while Middle East-origin Brass Honey increased 7% w-o-w to $8,295/t.
Zinc
Indian zinc scrap and dross prices strengthened w-o-w on 31 January on sustained demand from local processors. BigMint assessed zinc diecast scrap of Middle East origin at $2,660/tonne (t) CFR west coast, India, up by $20/t w-o-w, amid steady inquiries.
Zinc dross prices moved higher across key markets. In north India, zinc dross was assessed at INR 259,200/t ex-Delhi, up by INR 4,500/t w-o-w.
Domestic zinc spot prices stood at INR 341,900/t exw-Delhi, up by 6.8% w-o-w. HZL zinc prices were up by 5.5% w-o-w at INR 343,500/t ex-Chanderiya.
Lead
Domestic primary lead ingot prices stood at INR 200,000/t, up by 3.2% w-o-w, while re-melted ingots stood at INR 190,000/t, up by 1.5% w-o-w.
Meanwhile, HZL lead prices stood at INR 217,200/t ex-Chanderiya, down by 1.2% w-o-w.
Other updates
Hindalco steps up aluminium integration with INR 21,000-crore smelter expansion and downstream push
Hindalco Industries has announced a major expansion of its aluminium operations in Odisha, underlining its confidence in India’s long-term demand for primary metal and high-value downstream products. The company will invest INR 21,000 crore to add 360,000 t/year of smelting capacity at its Aditya Aluminium complex in Sambalpur while commissioning 170,000 t/year of flat rolled products (FRP) and battery-grade aluminium foil capacity at an additional cost of around INR 4,500 crore.
EGA, Century Aluminium to build first primary aluminium smelter in nearly 50 years
Emirates Global Aluminium has signed a joint development agreement with Century Aluminium to build a 750,000 t/year primary aluminium smelter in Inola, Oklahoma, with EGA holding 60% equity. The $4 billion greenfield project will more than double US aluminium output, where around 85% demand is import-reliant. Construction is expected to begin by end-2026, with production targeted before the decade-end.
Glencore’s copper output falls 11% in 2025 despite strong H2 recovery
Glencore’s copper production declined 11% y-o-y to 851,600 t in 2025, landing at the lower end of its guidance, weighed by lower ore grades and recoveries at Collahuasi, Antamina and Antapaccay. However, H2 output rebounded sharply, by nearly 50% over H1 on improved grades and recoveries at KCC, Antamina and Antapaccay, offering near-term supply support.
India’s e-waste generation to more than double by CY’30
India’s e-waste generation is projected to increase from 6.19 mnt in 2024 to nearly 14 mnt by 2030, growing at a compound annual rate of around 17%. India already ranks as the third-largest e-waste generator globally, accounting for nearly 7% of global volumes. However, the pace of waste generation continues to outstrip formal recycling capacity. India’s formal e-waste recycling rate remains close to 10%, well below the global average of around 22% and significantly lower than recovery rates in the EU and the US, which exceed 50%. As a result, a large share of e-waste continues to be processed through informal channels, leading to material losses and environmental risks.
Gravita India starts lithium-ion battery recycling facility in Gujarat
Gravita India Limited has commenced lithium-ion battery recycling at its Mundra, Gujarat, facility with a capacity of 6,000 t/year, investing around INR 14 crore from internal accruals. Using advanced recycling technology, the company aims to ensure safe and sustainable processing while reducing environmental impact. Gravita operates 13 eco-conscious facilities worldwide with a total capacity of 345,659 t/year and a presence across 70+ countries.
Leave a Reply