- India extends CVD on copper wire rods
- OEM-grade ADC12 prices up sharply m-o-m
At close of trading on 11 April, 2025, base metals prices on the London Metal Exchange (LME) showed slight uptrends, with copper witnessing the highest gain of 2.37% w-o-w. Meanwhile, LME warehouse stocks exhibited mixed trends, with copper falling by 8.39% w-o-w.
On LME, three-month aluminium stood at $2,396/tonne (t), up by 0.76%, while nickel prices increased by 2.11% w-o-w to $15,069/t. Copper prices were at $8,988/t, up by 2.37% w-o-w, while zinc decreased by 0.23% w-o-w to $2,651/t. Lead was up by 0.42% w-o-w to $1,914/t.
Aluminium
India’s imported aluminium scrap prices showed fluctuations by up to $40-50/t w-o-w.
BigMint’s benchmark assessment for Tense scrap originating from the US was at $1,880/t, decreasing by $40/t w-o-w, while Wheels from the UK stood at $2,400/t, up by $50/t w-o-w, both CFR west coast, India.
BigMint’s weekly assessment for non-OEM grade of ADC12 stood at INR 216,000/t in Delhi, and INR 218,000/t in Chennai, stable w-o-w.
BigMint’s monthly assessment for the OEM grade of ADC12 stood at INR 226,000/t in Delhi, rising by INR 9,000/t m-o-m, and INR 228,000/t in Chennai, up by INR 12,000/t m-o-m.
Copper
Copper scrap prices in India remained range-bound w-o-w. Copper armature scrap was assessed at INR 785,000/t ex-Delhi, down by INR 5,000/t w-o-w, while motors mix tags moved up w-o-w to $1,140/t, up by $40/t.
Secondary continuously cast rods (CCRs) (99.9%) were assessed at INR 840,000/t ex-Delhi, range-bound w-o-w. Meanwhile, primary CCR prices stood at INR 855,000/t, stable w-o-w.
Zinc
Imported zinc diecast from the Middle East was assessed at $2,150/t CFR Mundra, UP by $20/t w-o-w, while domestic zinc ingots dropped by INR 5,000/t to INR 260,000/t.
Hindustan Zinc Limited’s (HZL’s) zinc ingot prices were reduced by INR 19,700/t w-o-w to INR 268,100/t ex-Jodhpur.
Lead
Domestic primary lead ingot prices remained range-bound at INR 202,000/t, while re-melted ingots stood at INR 181,000/t. Meanwhile, HZL lead ingots decreased by INR 10,600/t w-o-w to INR 191,700/t ex-Jodhpur.
Chinese base metals market overview
In the week ending 11 April, deliverable base metals inventories at warehouses registered with the Shanghai Futures Exchange (SHFE) displayed a negative picture, with copper showing the highest drop of 19% w-o-w to settle at 182,941 t, according to the exchange’s weekly stock report.
Other updates
India extends countervailing duty on copper wire rod imports: On 4 April, India’s Ministry of Commerce and Industry extended countervailing duties (CVD) on continuous cast copper wire rods from Indonesia, Malaysia, Thailand, and Vietnam for five more years. Duties ranged within 3.46-10.27%, with specific rates for key Indonesian producers and an exemption for Malaysia’s Metrod Malaysia. The measures aim to counteract unfair subsidies and apply to products under customs tariff heading 7408.
BHP pushes for faster permits in Chile’s mining industry: BHP is prepared to invest $13 billion in upgrading copper mines in Chile but faces delays due to slow processes for obtaining permits. The company has urged the government to act swiftly, with projects such as Escondida’s $2.3 billion plant upgrade and a $1.3 billion restart of Cerro Colorado depending on timely approvals. Without action, Chile’s copper output could fall significantly.
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