Weekly Round-up: LME base metals mixed; India scrap and ingot prices under pressure

• Global primary aluminium production up 1.1 % y-o-y
• India’s zinc dross and oxide markets moved lower

LME base metals showed a mixed trend on a week-on-week basis in the week ended 28 March 2026, reflecting cautious and volatile market sentiment across the complex. Nickel and Copper recorded gains, rising by 1.38% to $17,210/t. On the inventory front, Copper stocks saw the largest build, increasing by 5.10% to 359,825 t.

Aluminium

India’s imported aluminium scrap prices recorded a week-on-week decline as of 28 March 2026, tracking weakness in London Metal Exchange trends amid ongoing geopolitical tensions, which have tightened global supply conditions.

As per market assessment for CFR Nhava Sheva deliveries, UK-origin Zorba 95-5 scrap fell by $85/t w-o-w to $2,725/t, while US-origin Tense 6-7% scrap declined by $90/t w-o-w to $2,405/t, reflecting continued pressure on imported aluminium scrap prices despite constrained global supply.

Domestic aluminium prices in India declined w-o-w on 27 March 2026, tracking weakness in aluminium futures on the London Metal Exchange (LME) and Multi Commodity Exchange of India (MCX), amid softening demand and cautious market sentiment.

As per BigMint’s assessment, domestic aluminium P1020 ingot prices in Delhi NCR fell by INR 4,000/t, or around 1.2%, w-o-w to INR 338,000/t, compared to INR 342,000/t in the previous week.

Global primary aluminium production stood at 12 million tonnes in 2MCY’26, marking a 1.1% year-on-year increase from 11.87 million tonnes in 2MCY’25.

Copper

Copper scrap prices showed mixed trends within a narrow range in the week ending 28 March 2026, reflecting a balance between underlying supply concerns and cautious buying interest.

According to BigMint’s assessment, copper armature scrap, ex-Delhi, was assessed at INR 1,100,000/t, down 3% w-o-w.

Domestic Brass Honey scrap prices in India edged higher on a w-o-w basis, indicating firm market sentiment supported by steady demand. BigMint assessed brass honey scrap, ex-works Jamnagar, Gujarat, at INR 705,000/t on 27 March, up by 2.17% from INR 690,000/t in the previous week.

Zinc

India’s zinc dross and zinc oxide markets moved down week-on-week on 25 March 2026, tracking a correction in global zinc prices and subdued buying interest across domestic markets.

Benchmark three-month LME zinc stood at $3,050/t, down by $115/t w-o-w from $3,165/t last week, which exerted downward pressure on domestic pricing trends.

Meanwhile, HZL increased its zinc ingot prices by INR 2,000/t ($21/t) to INR 323,000/t ($3,433/t) compared to the previous revision on 23 Mar’26.

Lead

Domestic primary lead ingot prices stood at INR 202,200/t, up by 0.79% w-o-w, while re-melted ingots stood at INR 193,800/t, up by 0.94% w-o-w.

Meanwhile, HZL increased its lead ingot prices by INR 3,000/t ($32/t) to INR 209,900/t ($2,232/t) compared to the previous revision on 23 Mar’26.