- Geopolitical tensions disrupt global aluminium supply chains
- Copper scrap gains amid supply shortages
LME base metals showed a mixed trend on a week-on-week basis as of 3 April, reflecting continued volatility across the complex. Aluminium and Zinc led the gains, rising by 4.64% to $3,425/t and 4.66% to $3,236/t, respectively, while Copper and Lead posted modest increases. In contrast, Nickel declined by 0.87% to $17,060/t. On the inventory front, Copper stocks recorded the largest build, up 1.29%, while Zinc saw the sharpest decline, down 1.47%.
Meanwhile, Aluminium prices surged sharply on 30 March 2026, rising by around 6% to touch $3,492/t on the London Metal Exchange, following Iranian strikes on key production facilities in the Middle East. The attacks impacted major producers such as Emirates Global Aluminium in the UAE and Aluminium Bahrain, both of which reported damage to their operations, raising concerns over potential supply disruptions.
India’s imported aluminium scrap prices recorded a week-on-week increase as of 31 March 2026, tracking firm trends on the London Metal Exchange, supported by ongoing geopolitical tensions, exchange rate fluctuations, and tightened global supply conditions.
As per market assessment for CFR Nhava Sheva deliveries, UK-origin Zorba 95-5 scrap rose by $125/t w-o-w to $2,850/t, while US-origin Tense 6-7% scrap increased by $125/t w-o-w to $2,530/t.
Domestic aluminium prices in India recorded a sharp w-o-w increase as of 2 April 2026, tracking strong gains in aluminium futures on the London Metal Exchange (LME) and Multi Commodity Exchange of India (MCX) amid improved market sentiment.
As per BigMint’s assessment, P1020 ingot prices in Delhi NCR rose by INR 15,000/tonne (t), or around 4%, to INR 353,000/t from INR 338,000/t on 27 March 2026.
Copper scrap prices in India firmed up w-o-w on 1 April 2026 following a rebound in London Metal Exchange (LME) prices to over $12400/t, a rise by more than $380/t w-o-w.
The price rise was also driven by supply shortages in the country, largely due to ongoing geopolitical tensions in the Middle East, which have disrupted payment cycles and delayed shipments. Yard owners held back material, waiting for price clarity, adding to the tightness.
Brass Honey scrap prices increased by 1.41% w-o-w to INR 715,000/t from INR 705,000/t, indicating a steady build-up in bullish momentum.
India’s zinc ingot (99.995%) prices edged higher by INR 11,000/t w-o-w to INR 328,000/t ex-Delhi on 31 March, compared with INR 317,000/t a week earlier, reflecting improved buying interest and firmer spot sentiment.
The increase followed a price revision by Hindustan Zinc Limited (HZL), which raised offers by INR 8,500 to INR 329,500/t ex-Chanderiya.
India’s zinc dross and zinc oxide markets remained largely stable w-o-w as of 1 April 2026, supported by stronger global cues. Benchmark three-month London Metal Exchange (LME) prices rose by $135/t w-o-w to $3,227/t, providing cost-side support to domestic secondary zinc products. However, buying activity remained cautious, limiting sharper price gains.
Lead
Domestic primary lead ingot prices stood at INR 203,500/t, up by 0.79% w-o-w, while re-melted ingots stood at INR 194,500/t, up by 0.94% w-o-w.
HZL increased its lead ingot prices by INR 4,200/t ($45/t) to INR 214,800/t ($2,313/t) compared to the previous revision on 26 Mar’26.
Leave a Reply