- HCL unveils INR 2,000 crore capex for expansion
- Vedanta plans 3 MTPA aluminium smelter in Odisha
At the close of trading on 13 September 2025, base metals prices on the London Metal Exchange (LME) showed positive trends w-o-w, with aluminium witnessing the highest gain of 3.42% to $2,690/tonne (t). Meanwhile, LME warehouse stocks exhibited contrasting trends, with lead witnessing the steepest decline of 7.50%.
On the LME, three-month aluminium prices stood at $2,690/t, up by 3.42% w-o-w, while zinc increased by 3.36% to $2,957/t. Copper prices were at $10,068/t, up by 1.72% w-o-w, and lead was down by 7.50% w-o-w at $2,018/t. Nickel stood at $15,391/t, up by 1.02% w-o-w.
India’s imported aluminium scrap prices saw an increase of $40-50/t w-o-w, following an uptick in LME trends. Trade stayed sluggish amid currency volatility and uncertainty, though demand is expected to recover modestly with the festive season ahead.
In India, Tense scrap fell by INR 1,000/t w-o-w in Delhi and Chennai, while Extrusion 6063 and ADC12 remained stable on steady demand and improved scrap supply. Festive demand may offer some support, though weak buying and currency pressures could cap recovery.
Global aluminium scrap prices held largely steady w-o-w, with US and Middle East grades stable and UK Zorba showing slight gains. LME aluminium inched up to $2,617/t, but rising inventories, weak demand, and currency volatility kept trade muted.
Imported copper scrap prices in India trended positively on a w-o-w basis, supported by a slight uptick in LME copper futures to $9,950/t.
In India, domestic copper scrap rose to INR 806,000/t, supported by steady demand, while imported high-grade Millberry and Birch/Cliff scrap held premiums amid tight supply and selective trading due to currency volatility.
Globally, LME copper futures rose $50/t w-o-w to $9,910/t, with stocks down to 155,275 t. Market sentiment stayed cautious due to US policy uncertainty, domestic supply constraints, and fluctuating prices.
Zinc
India’s zinc scrap and dross market was largely stable w-o-w amid steady inquiries and firm supply, with prices showing mixed trends in a narrow band.
Domestic zinc spot prices edged up by 1.8% w-o-w to INR 288,000/t exw-Delhi. HZL zinc prices were up by 2.8% w-o-w to INR 296,700/t exw-Rajasthan.
BigMint assessed zinc scrap and dross steady, with Middle East scrap at $2,295/t and LME zinc at $2,873/t. Domestic demand from local processors supports prices, while subdued zinc oxide uptake limits gains.
Globally, LME zinc prices rose sharply, supported by bullish US economic signals, expectations of a September rate cut, and declining inventories, though profit-taking and volatility capped gains. MCX and SHFE zinc mirrored this upward trend amid tightening supply.
Lead
Domestic primary lead ingot prices stood at INR 200,000/t, down by INR 2,000/t w-o-w, while re-melted ingots stood at INR 181,000/t, down by INR 1,000/t w-o-w.
Meanwhile, HZL lead ingots stood at INR 204,700/t ($2,320/t) ex-Chanderiya, down by INR 1,200/t w-o-w
LME lead cash-settlement prices fluctuated and ended the week slightly lower, reflecting sideways consolidation.
Global prices edged down due to persistent oversupply concerns and weak downstream consumption; the Indian market saw its own pressures from lacklustre demand.
Other updates
HCL announces INR 2,000 crore capex plan to boost mining, production capacity
Hindustan Copper Ltd (HCL) has unveiled an INR 2,000 crore capex plan for the next 5-6 years to expand its mining and production capacity. The company aims to acquire new copper deposits both in India and abroad, form MoUs with PSUs, and explore a partnership with Chile’s Codelco. However, HCL’s consolidated net profit for Q1 FY’26 fell 29% y-o-y to INR 134 crore, down from INR 190 crore in the previous year.
Vedanta plans 3-MTPA aluminium smelter in Odisha with future expansion
Vedanta is acquiring land in Dhenkanal, Odisha, for a 3-MTPA aluminium smelter, with plans to double capacity to 6 MTPA in 3-4 years. This initiative highlights the company’s commitment to Atmanirbhar Bharat, aiming to reduce reliance on aluminium imports and boost the global competitiveness of India’s value chain. Additionally, Vedanta is planning an aluminium park in Jharsuguda, Odisha
GST Council cuts rates on aluminium, copper products to boost demand
The GST Council, in its 56th meeting chaired by Union Finance Minister Nirmala Sitharaman, announced a significant reduction in GST rates for aluminium and copper household items, including kitchenware and milk cans, from 12% to 5%. This move aims to lower retail prices, making these durable and eco-friendly products more affordable for households. The reduction also benefits MSMEs and artisans, improving their competitiveness and market access. Additionally, GST on brass, copper alloy, and aluminium handicrafts has been cut to 5%, supporting the “Make in India” initiative and boosting exports.
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