At close of trading on 14 Friday, 2025, base metals prices on the London Metal Exchange (LME) showed mixed trends, with zinc witnessing the highest gain of 2.98% w-o-w. Meanwhile, LME warehouse stocks exhibited a marginal decline, with copper dropping 9.16% w-o-w.
On the LME, three-month aluminium stood at $2,681/tonne (t), down by 0.89%, while nickel prices decreased by 0.21% w-o-w to $16,504/t. Copper prices were at $9,780/t, up by 1.74% w-o-w, while zinc increased by 2.98% w-o-w to $2,972/t. Lead inched up by 2.43% w-o-w to $2,068/t.
Aluminium
India’s imported aluminium scrap prices increased by up to $70-80/t w-o-w amid raw material shortages.
BigMint’s benchmark assessment for Tense scrap originating from the US was at $1,950/tonne (t), increasing by $50/t w-o-w, while Wheels from the UK stood at $2,550/t, up $80/t w-o-w, both CFR west coast, India.
Aluminium ADC12 alloyed ingot prices moved up m-o-m across north and south India in March, according to BigMint’s benchmark assessment. This marks a six-month high, amid steadily rising scrap prices.
BigMint’s monthly assessment for the OEM grade of ADC12 stood at INR 217,000/tonne (t) in Delhi, rising by INR 7,000/t m-o-m, and INR 216,000/t in Chennai, up by INR 6,000/t m-o-m.
Additionally, a leading automaker has set its ADC12 settlement price for April at INR 218,300/t, up INR 6,190/t m-o-m, the highest in eight months. The surge is driven by rising imported aluminium scrap prices amid tight supply. Market insiders anticipate a further rise in ADC12 prices, potentially squeezing manufacturers’ profit margins to INR 35,000-36,000/t, down nearly INR 1,000/t m-o-m.
Copper
Domestic copper armature prices were assessed at INR 804,000/t ex-Delhi, up INR 9,000/t w-o-w, while copper motors mix scrap prices inched down by $20/t w-o-w to $1,180/t.
Secondary continuously cast rods (CCR) (99.90%) were assessed at INR 866,000/t (ex-Delhi), reflecting an increase of INR 9,000/t w-o-w. Meanwhile, primary CCR prices rose by INR 13,000/t to INR 903,000/t.
Zinc
Zinc prices increased slightly w-o-w. Imported zinc diecast from the Middle East was assessed at $2,150/t CFR Mundra, up by $30/t w-o-w, while domestic zinc ingots increased by INR 2,000/t w-o-w to INR 285,000/t.
Lead
In this segment, domestic primary ingots increased by INR 2,000/t to INR 205,000/t, while re-melted ingots increased by INR 2,000/t w-o-w at INR 185,000/t.
Chinese base metals market overview
In the week ending 7 March, deliverable base metals inventories at warehouses registered with the Shanghai Futures Exchange (SHFE) displayed a negative picture, with nickel showing an outflow of 2.5% w-o-w to settle at 30,152 t, according to the exchange’s weekly stock report.
Other updates
Nyrstar cuts zinc output: Nyrstar, a leading zinc producer, will reduce output at its Hobart smelter by 25% starting in April due to financial losses caused by poor market conditions. The production cut will persist until market conditions improve. Rising raw material costs, negative treatment charges, and supply shortages from mine shutdowns have worsened the situation for Nyrstar’s Australian assets.
China’s demand has improved significantly, with the country actively purchasing copper from western nations and premium-grade copper from Australia. Due to high demand, China is also paying premiums. This surge in activity, coupled with the emergence of new smelters and refiners entering the Chinese market, indicates a growing momentum in the sector.
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