- Nalco mine start to strengthen alumina supply
- Glencore cuts copper output, supply tightness persists
At the close of trading for the week ended 12 December, base metal prices on the London Metal Exchange (LME) recorded mixed movements w-o-w, with zinc leading the gains. Zinc prices rose 2.17% w-o-w to $3,160/t, supported by the sharpest increase in LME warehouse stocks, which jumped 11.83% over the week. Copper prices also moved higher, gaining 1.58% w-o-w to $11,800/t, even as inventories increased 2.06% to 165,900 t.
In contrast, aluminium prices edged lower by 0.59% w-o-w to $2,876/t, while LME aluminium stocks declined 1.64%. Nickel saw a steeper fall, slipping 2.11% w-o-w to $14,605/t, with stocks largely stable, down marginally by 0.03%. Lead prices also weakened, easing 1.64% w-o-w to $1,985/t, alongside a 3.61% drawdown in warehouse inventories.
India’s imported aluminium scrap prices remained rangebound w-o-w in the week ended 13 December, despite an increase in prices on the London Metal Exchange (LME). BigMint assessed UAE-origin Tense (8-9%) at $1,930/t, stable w-o-w, while US-origin Tense (6-7%) stood at $2,000/t, up by $5/t w-o-w.
India’s bauxite imports declined 9% y-o-y in the first nine months of 2025 (9MCY’25), falling to 3.01 million tonnes (mnt) from 3.29 mnt in the same period last year. The reduction coincides with a modest 2% rise in domestic bauxite production, which reached 18.84 mnt, indicating improved output from key mining regions.
India’s domestic aluminium market posted mild gains w-o-was primary producers adjusted prices in response to a stronger LME complex and renewed supply concerns abroad. The uptick came despite a well-supplied domestic market and only a gradual improvement in downstream demand.
India’s aluminium ADC12 alloy ingot prices remained stable m-o-m in December 2025 supported by steady automotive demand and the typical year-end slowdown, which limited any further upward movement in prices.
BigMint’s monthly assessment for OEM-grade ADC12 showed slight price hikes across key regions:
- Delhi: INR 232,000/t, stable m-o-m
- Pune: INR 231,000/t, stable m-o-m
- Chennai: INR 230,000/t, stable m-o-m
Imported copper scrap prices in India edged higher w-o-w on 13 December, supported by positive momentum in LME futures. Overall market momentum was capped by the seasonal slowdown in global scrap flows. Domestic sentiment also remained soft as buyers refrained from absorbing the recent LME highs, keeping restocking cautious despite stabilising demand indicators.
According to BigMint’s assessment, Birch/Cliff was assessed at $10,900/t, up 0.23% w-o-w, while US motors mix stood at $1,355/t (both CFR Mundra), up 7.11% w-o-w.
In the Indian market, the recent rise in LME prices has not been fully absorbed, keeping copper scrap demand muted. Importers are resisting higher offer levels from overseas suppliers, widening the bid-offer gap.
Zinc
India’s zinc scrap and dross market witnessed a downaward movement this week. BigMint assessed zinc diecast scrap (Middle East origin) at $2,450/tonne (t) CFR west coast India, up by $35/t w-o-w, amid steady inquiry levels.
Domestic zinc spot prices stood at INR 327,000/t exw-Delhi, down by 4.77% w-o-w. HZL zinc prices were down by 2.03% w-o-w to INR 3,27,200/t ex-Chanderiya.
Lead
Domestic primary lead ingot prices stood at INR 193,000/t, stable w-o-w, while re-melted ingots stood at INR 183,000/t, up by 0.33% w-o-w.
Meanwhile, HZL lead prices stood at INR 211,000/t ex-Chanderiya, up by 0.52% w-o-w.
Other updates
Nalco to start Pottangi bauxite mine by mid-2026
Nalco plans to begin operations at its Pottangi bauxite mine in Odisha by June 2026, strengthening raw material security and supporting its alumina expansion plans. The project aligns with the addition of a fifth stream at the Damanjodi refinery, which will raise alumina capacity by 1 mnt/year, backed by a 50-year mining lease granted by the Odisha government. An interim alternate sourcing arrangement, including a new conveyor system, will ensure uninterrupted bauxite supply, reinforcing Nalco’s integrated aluminium value chain and growth outlook.
Glencore trims 2026 copper output outlook
Glencore has cut its 2026 copper production forecast by nearly 10% to 840,000 tonnes, citing declining ore grades and water shortages at its Collahuasi joint venture in Chile. While near-term output is under pressure, the miner remains optimistic about medium-term growth, expecting production to rebound from 2027 on the back of African expansions and the restart of the Alumbrera mine. The broader industry continues to face supply constraints, keeping spot treatment charges deeply negative and reinforcing a structurally bullish outlook for copper heading into 2026.
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