- US tariff threats impact China’s exports
- India’s aluminium demand to grow 7-9%
At close of trading on Friday, 7 February 2025, base metals prices on the London Metal Exchange (LME) showed positive trends, with copper saw highest gain by 3.97% w-o-w. Meanwhile, LME warehouse stocks exhibited mixed trends, with zinc, which showed a drop of 5.69% w-o-w.
On the LME, three-month aluminium stood at $2,628/tonne (t), up by 1.31%, while nickel prices increased by 3.59% w-o-w to $15,756/t. Copper prices were at $9,407/t, up by 3.97% w-o-w, while zinc increased by 3.57% w-o-w to $2,840/t. Lead inched up by 2.26% w-o-w to $1,993/t.
Aluminium
Imported aluminium scrap prices in India witnessed an upward trend week-on-week (w-o-w), driven by a rise in London Metal Exchange (LME) aluminium tags.
BigMint’s benchmark assessment for Tense scrap originating from the US was at $1,850/t, increasing by $10/t w-o-w, while Wheels from the UK stood at $2,440/t, up $20/t w-o-w, both CFR west coast, India.
Domestic aluminium Tense scrap prices inched up by INR 1,000/t w-o-w, with ex-Delhi at INR 175,000/t and ex-Chennai at INR 176,000/t.
BigMint’s weekly assessments for ADC12 (non-OEM) grade stood at INR 203,000/t in Delhi and INR 204,000/t in Chennai, increased by INR 1,000/t w-o-w.
Maruti Suzuki hits record sales in Jan’25
Maruti Suzuki India Limited achieved its highest-ever monthly sales of 212,251 units in January 2025, including 177,688 domestic units, 7,463 OEM sales, and 27,100 exports. The milestone highlights strong demand in both domestic and global markets. Meanwhile, India’s automobile retail sales fell 12% year-on-year in December 2024 to 1,756,419 units, per FADA.
Copper
Domestic copper armature prices were assessed at INR 770,000/t ex-Delhi, up 1.4% w-o-w, while copper motors mix scrap prices moved up w-o-w to $1,200/t, up $50/t w-o-w.
Secondary continuous cast rods (CCR) (99.90%) were assessed at INR 818,000/t ex-Delhi, a 2.3% increase w-o-w. Meanwhile, primary CCR prices rose by 1.5% w-o-w to INR 835,000/t.
In 2024, China imported 2.25 mnt of copper scrap, with 440,000 t from the USA.
Zinc
Zinc prices experienced upward trends. Imported zinc diecast from the Middle East was assessed at $2,110/t CFR Mundra, up $10/t w-o-w, while domestic zinc ingots increased by INR 4,000/t w-o-w to INR 278,000/t. Hindustan Zinc Limited (HZL) zinc ingots, however, dipped by INR 500/t w-o-w to INR 285,000/t ex-Jodhpur.
Lead
In the lead segment, domestic primary ingots increased by INR 2,000/t w-o-w to INR 200,000/t, while re-melted ingots increased by INR 2,000/t w-o-w to INR 180,000/t. Meanwhile HZL lead ingots were increased by INR 2,200/t w-o-w to INR 200,800/t ex-Jodhpur.
Market updates
India’s aluminium demand to grow 7-9% by CY’28:India’s aluminium demand is set to rise 7-9% CAGR, reaching 2.4-2.5 mnt by 2028, driven by a 27% surge in EV sales. The automotive sector, contributing 40% of secondary aluminium demand in 2023, is expected to grow to 40-45% by 2028, reflecting a shift towards sustainable manufacturing.
China’s factory activity slows amid trade uncertainty: China’s factory activity growth slowed in January, with the Caixin purchasing managers’ index (PMI) dropping m-o-m to 50.1. Domestic demand showed improvement, but export orders fell for the second consecutive month. 
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