- ADC12 settlement dips after rising for 7 months
- Copper scrap imports into India jump 36% y-o-y
At the close of trading on 22 August 2025, base metals prices on the London Metal Exchange (LME) remained rangebound w-o-w, with zinc witnessing the highest gain of 0.82% to $2,818/tonne (t). Meanwhile, LME warehouse stocks exhibited negative trends, with zinc witnessing the steepest decline by 10.81%.
On the LME, three-month aluminium prices stood at $2,625/t, up by 0.67%, while nickel decreased by 0.40% w-o-w to $15,100/t. Copper prices were at $9,797/t, up by 0.24% w-o-w, and lead was up by 0.82% w-o-w at $1,995/t. Zinc stood at $2,818/t, up by 0.82% w-o-w.
India’s imported aluminium scrap prices saw negative trends w-o-w, despite a slight upward trend in London Metal Exchange (LME) prices. Despite strong demand and ongoing supply constraints, prices continued to fall as subdued trading activity during the festive week limited any significant gains.
A major Indian automaker has marginally reduced its ADC12 settlement price by INR 150/t m-o-m to INR 229,600/t for September’25, marking the first drop after seven consecutive months of gains.
The slight dip is attributed to a correction in scrap prices amid falling LME levels and expected improvement in ADC12 imports. Scrap-to-ADC12 spread remains stable at INR 32,000-33,000/t as of Aug’25.
Global primary aluminium production rose to 6.37 mnt in July 2025, up 3% m-o-m from 6.17 mnt in June, according to the International Aluminium Institute (IAI).
Imported copper scrap prices in India remained nearly stable w-o-w, following a largely stable LME copper futures which stood at $9,726/tonne w-o-w.
According to BigMint’s assessment, copper Birch cliff scrap was assessed at $9,080/t, while US motors mix stood at $1,165/t (both CFR Mundra), both largely stable w-o-w.
India’s copper scrap imports continued to rise sharply in the first seven months of 2025, climbing 36% y-o-y to 229,548 t, supported by strong demand from the cable, power, and construction sectors, along with zero import duty and easier norms.
India now accounts for nearly 15% of Asia’s total copper scrap trade, overtaking South Korea as the regions second-largest buyer after China, as per reports.
India’s zinc scrap and dross market witnessed a downtrend this week, with prices moving lower in a narrow band.
BigMint assessed zinc diecast scrap (Middle East origin) at $2,270/t CFR west coast India, down by $10/t w-o-w.
Prices of zinc ingots from Hindustan Zinc Limited (HZL) stood at INR 283,300/t ($3,240/t) ex-Chanderiya, down by INR 6,100/t w-o-w.
Lead
Domestic primary lead ingot prices stood at INR 201,000/t, up by INR 500 w-o-w, while re-melted ingots stood at INR 181,000/t, largely stable w-o-w.
Meanwhile, HZL lead ingots stood at INR 201,600/t ($2,305/t) ex-Chanderiya, down by INR 4,300/t w-o-w.
Other updates
US broadens 50% tariffs to more steel, aluminium products
The US has expanded its 50% tariffs on steel- and aluminium-based goods to cover 407 additional product codes, including derivative products containing these metals, effective 18 August. The new duties target the metal content, while non-metal components remain under existing tariffs. Since 2018, Section 232 tariffs have been progressively increased — from 25% on steel and 10% on aluminium to a uniform 50% on metals and derivatives in 2025 — affecting items from household appliances to industrial goods. Importers of derivative aluminium products must now declare the country of smelt and cast, with non-compliance risking a 200% penalty.
Hindustan Copper’s profits up in Q1FY’26
Hindustan Copper Limited posted a profit before tax of INR 179.36 crore in Q1FY’26, up 16.37% y-o-y, and a profit after tax of INR 134.28 crore, up 18.40%. Revenue from operations rose to INR 516.37 crore from INR 493.60 crore last year. With copper demand set to rise amid renewable energy and EV growth, the company is implementing its mine expansion plan from 4 MTPA to 12 MTPA by 2030-31.
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