- India slaps dumping duty on Chinese aluminium foils
- Odisha to see massive aluminium investment drive
At the close of trading on 20 June 2025, base metals prices on the London Metal Exchange (LME) remained range-bound w-o-w, with aluminium witnessing the highest gain of 1.86%. Meanwhile, LME warehouse stocks exhibited negative trends, with copper declining the steepest, by 13.34%.
On the LME, three-month aluminium stood at $2,550/tonne (t), up by 1.86%, while nickel decreased by 0.77% w-o-w to $15,011/t. Copper prices were at $9,634/t, down by 0.12% w-o-w, while zinc increased by 0.29% w-o-w to $2,631/t. Lead was up by 0.08% w-o-w to $1,992/t.
Over the past two years, the London Metal Exchange (LME) has witnessed a dramatic decline in aluminium inventories. In mid-2023, LME warehouses held over 1.3 million tonnes (mnt) of aluminium. By June 2025, this figure had nearly halved, returning to levels last seen in 2022. As a result, the market has become more turbulent beneath the surface, even though LME three-month prices have remained relatively stable at around $2,500/t. However, short-dated spreads have grown notably tight and volatile, signalling increased stress in the system.
India’s imported aluminium scrap prices fluctuated by up to $10-20/t w-o-w, influenced by strong global demand and ongoing supply constraints. Persistent raw material shortages and firm price settlements by a major automaker helped maintain stable price levels despite market fluctuations.
BigMint assessed Tense scrap from the US at $1,980/t, down by $10/t w-o-w, while Wheels from the UK was down $5/t w-o-w to $2,525/t, both CFR west coast, India. At the time of reporting, London Metal Exchange (LME) aluminium prices stood at $2,482/t, largely stable w-o-w.
In the domestic market, Tense scrap prices in both Delhi and Chennai remained stable as compared to last week. According to BigMint’s assessment, domestic Tense scrap stood at INR 196,000/t ex-Delhi-NCR and INR 197,000/t ex-Chennai.
India’s ADC12 alloy imports fell 92% y-o-y to just 751 t in the first five months of 2025, mainly due to BIS certification delays. Imports from Malaysia, the top supplier, dropped 95% as the approval process stalled shipments, despite the Free Trade Agreement. All Malaysian volumes were routed to southern India during this period.
A major Indian automaker has raised its ADC12 settlement prices by INR 2,150/t m-o-m to INR 228,900/t for Jul’25. The increase is driven by strong imported aluminium scrap prices and lower aluminium alloy imports.
Copper
Indian copper scrap prices moved in a narrow range w-o-w, despite a drop in London Metal Exchange (LME) futures. Copper armature scrap was assessed at INR 803,000/t ex-Delhi, down by INR 2,000/t w-o-w, while motors mix was stable w-o-w at $1,150/t
Secondary continuously cast rods (CCRs) (99.90%) were assessed at INR 866,000/t ex-Delhi, up marginally w-o-w. Meanwhile, primary CCR prices stood at INR 905,000/t, range-bound w-o-w.
Copper scrap demand remained firm as traders built stocks ahead of an expected post-monsoon demand recovery. Supply stayed tight during the rains, especially for high-conductivity grades like Berry and Millberry. Millberry offers rose to 100.5-101% of LME, supported by reduced inflows from the UAE and Europe, where sellers preferred higher-paying markets like Pakistan and Southeast Asia.
Adani’s Kutch Copper plant has started operations in Gujarat, aiming to reduce India’s copper import reliance. The 500,000 tpa smelter plans to double capacity by FY’29, though full ramp-up may take 18 months amid tight global supply and weak smelting margins.
Zinc
Imported zinc diecast from the Middle East was assessed at $2,100/t CFR Mundra, remaining stable w-o-w, while domestic zinc ingots stood at INR 259,000/t, down by INR 1,000/t.
Zinc ingot prices of Hindustan Zinc Limited (HZL) stood at INR 266,000/t ex-Jodhpur, up by INR 2,000/t w-o-w.
Lead
Domestic primary lead ingot prices remained steady at INR 201,000/t, while re-melted ingots were at INR 182,000/t. Meanwhile, HZL lead ingots stood at INR 201,700/t ex-Jodhpur, up by INR 1,200/t.
Other market updates
Vedanta leads massive investment drive in Odisha
Vedanta Aluminium will invest INR 1.28 lakh crore in a 3 mtpa smelter and 4,900 MW power plant in Odisha, creating 30,000 jobs. The state also approved seven other projects worth INR 1.51 lakh crore, which is expected to generate over 60,000 jobs.
India slaps 5-yr dumping duty on Chinese aluminium foils
India has imposed a five-year anti-dumping duty on aluminium foil imports from China due to injury to domestic industry. Imports from China rose 9% in FY’25 to 156,812 tonnes, prompting the action.
Uno Minda to set up die-casting plant in Maharashtra for EV push
Uno Minda will invest INR 210 crore in a new aluminium die-casting facility in Maharashtra to support EV demand. Phase 1 will begin in Q2FY’27 with a 3,629 tpa capacity.
Hindustan Zinc approves INR 12,000-cr expansion plan
Hindustan Zinc will invest INR 12,000 crore in a new integrated complex to double its zinc, lead, and silver output. The project will add 250,000 tpa of refined metal and be completed in 36 months.
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