- India mulls larger copper blocks, composite licences
- Hindustan Zinc posts strong Q3 earnings growth
London Metal Exchange (LME) base metals prices were mixed in the week ended 23 January, due to diverging inventory trends and supply scenarios across the complex. Aluminium prices climbed 1.15% w-o-w to $3,175/t, even as LME stocks rose 3.95% to 507,275 t, indicating adequate near-term availability, while nickel outperformed with a sharp 4.52% w-o-w increase to $18,630/t, supported by a 0.70% drawdown in inventories to 283,728 t.
Copper prices were largely flat, edging down 0.08% w-o-w to $12,920/t, despite a significant 19.46% surge in LME stocks to 171,700 t, signalling easing supply tightness. Zinc prices slipped 0.65% w-o-w to $3,221/t, alongside a 4.67% rise in inventories to 111,500 t. Lead saw the steepest correction, falling 3.39% w-o-w to $1,992/t, while stocks increased 4.28% to 215,175 t, weighing on market sentiment.
India’s imported aluminium scrap prices strengthened, as assessed on 23 January 2025, despite a decline in prices on the London Metal Exchange (LME).
BigMint assessed Middle East-origin Tense (8-9%) at $1,990/t, up $30/t w-o-w, while Extrusion 6063 rose sharply by $80/t to $2,910/t amid improved demand.
Domestic aluminium prices in India edged lower w-o-w, pressured by a dip in LME and MCX aluminium futures, even as global supply concerns persisted.
As per BigMint’s assessment, domestic aluminium ingot prices in Delhi declined by INR 4,000/t, or 1%, w-o-w to INR 318,000/t w-o-w.
Imported copper scrap prices in India showed mixed trends w-o-w, as assessed on 23 January, even as London Metal Exchange (LME) copper futures corrected further from recent highs. Domestic copper scrap prices also showed limited movement, supported by steady underlying demand.
According to BigMint’s assessment, Birch Cliff scrap was assessed at $11,885/t, declined nearly by 1.8% w-o-w, whereas US motors mix prices gained notably, increasing by around 2.11% w-o-w to $1,450/t w-o-w (both CFR Mundra).
The Indian zinc scrap market recorded mixed price movements during the week ended on 21 January, as firm buying interest from secondary alloy producers supported select grades, while cautious sentiment among importers and weak domestic offtake capped overall gains.
BigMint assessed zinc diecast scrap (Middle East origin) at $2,590/t CFR west coast India, up $60/t w-o-w.
Domestic zinc spot prices stood at INR 320,200/t exw-Delhi, nearly stable w-o-w. HZL zinc prices were down by 0.55% w-o-w at INR 325,600/t ex-Chanderiya.
Additionally, India’s zinc ingot imports rose sharply by 26% y-o-y in CY’25 to 250,030 tonnes (t), compared with 197,855 t in CY’24, driven by robust downstream demand and lower domestic availability. The increase was supported by firm consumption from galvanising, alloying, and coated steel segments, alongside a 7% y-o-y decline in domestic refined zinc production, which fell to 0.77 million tonnes (mnt) in CY’25 from 0.83 mnt a year earlier.
Lead
Domestic primary lead ingot prices stood at INR 197,100/t, up by 0.56% w-o-w, while re-melted ingots stood at INR 187,100/t, up by 0.59% w-o-w.
Meanwhile, HZL lead prices stood at INR 216,600/t ex-Chanderiya, down by 0.28% w-o-w.
Additionally, India’s lead scrap imports increased by 31% y-o-y in CY’25 to 207,310 tonnes (t), compared with 158,832 t in CY’24, reflecting a clear strengthening of secondary lead consumption. Buying interest remained consistently firm through the year, with monthly arrivals largely above 14,000 t, unlike the sharp fluctuations seen in CY24.
Other updates
India to offer larger copper blocks, composite licences
India’s mines ministry is considering offering larger copper blocks and composite licences in future auctions, following concerns from top producers that current 1-3 sq km blocks are too small for smelter requirements. Hindalco highlighted that deeper mineralised zone, extending up to 700-800 metres, remain unexplored under existing norms, and urged licences allowing extended exploration beyond 250-300 metres. The ministry, with Geological Survey of India support, will assess the feasibility of larger blocks to boost domestic copper production, reduce import reliance, and meet rising demand from EVs and renewable energy infrastructure.
Hindustan Zinc Q3 profit jumps 46% to INR 3,916 crore
Hindustan Zinc Limited reported a strong Q3 FY26 performance, with profit after tax rising 46% y-o-y to INR 3,916 crore, supported by record production, higher zinc and silver prices, and operational efficiencies. Revenue surged 27% y-o-y to INR 10,980 crore, while EBITDA increased 34% to INR 6,087 crore, with margins improving to 55%. Refined zinc and lead output grew 9% q-o-q to 270,000 tonnes, and silver production contributed 158 tonnes, accounting for 44% of quarterly profits. Lower production costs, aided by higher domestic coal usage and improved by-product credits, underpinned near-term earnings stability.
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