- Copper scrap remains firm amid tight supply
- Subdued zinc demand limits further price gains
LME base metals traded largely firm during the week, with zinc recording the strongest gain of 1.6% to $3,824/t. Copper prices increased 0.7% to $14,235/t, while lead advanced 0.5% to $1,898/t. Aluminium remained largely stable, edging down 0.1% to $3,244/t.
Meanwhile, LME inventories showed a mixed trend. Copper stocks recorded the steepest increase of 16.4% to 238,575 t, followed by zinc inventories, which rose 5.8% to 93,125 t. Lead stocks increased 1.0% to 416,850 t, while aluminium inventories declined 0.6% to 246,925 t.
Aluminium
India’s imported aluminium scrap prices declined w-o-w, in line with the correction in LME aluminium prices.
According to BigMint’s latest assessment for CFR Nhava Sheva deliveries, US-origin tense 6-7% scrap prices fell by $50/t w-o-w to $2,520/t from $2,570/t.
Domestic aluminium prices in India declined w-o-w, tracking weaker trends in LME and MCX aluminium prices. The domestic physical market softened amid subdued market sentiment.
According to BigMint’s assessment, P1020 aluminium ingot prices in Delhi NCR decreased by INR 7,000/t (1.9%) w-o-w to INR 355,000/t, from INR 362,000/t a week earlier.
Copper
Domestic copper scrap prices in India remained firm during the week, supported by strong local demand and tight material availability, despite a correction in LME copper prices from the previous week. Buyers continued to face limited availability of high-grade scrap, while the earlier US tariff-related uncertainty had prompted Indian consumers to increase imports after May 2026 despite elevated international prices.
As per BigMint’s assessment, copper armature scrap, ex-Delhi, increased by around 0.3% w-o-w to INR 1,288,000/t from INR As per BigMint’s assessment, copper armature scrap, ex-Delhi, remain rangebound at INR 1,290,000/t, compared with INR 1,288,000/t in the previous week.
Copper cathode prices in western India eased w-o-w during the week, as high global copper prices continued to suppress downstream demand. As per BigMint’s assessment, ex-Mumbai copper cathode prices declined to around INR 1,368,000/t on 13 August from nearly INR 1,395,000/t last week.
India’s brass honey scrap prices strengthened sharply, supported by robust demand and an acute shortage of material across key recycling and manufacturing centres. BigMint assessed brass honey scrap prices at around INR 930,000/t exw-Jamnagar, up 6% w-o-w, as recyclers, ingot makers and component manufacturers intensified procurement amid limited spot availability.
Zinc, lead
India’s zinc dross and zinc oxide prices rose sharply w-o-w in the week ended 20 August 2026, supported by elevated replacement costs and LME zinc inventories remaining below 100,000 t. However, subdued downstream demand kept buying activity largely need-based, limiting the scope for further gains.
Domestic zinc dross prices increased by INR 7,800/t w-o-w to INR 337,800/t ex-Delhi, from INR 330,000/t previously.
Zinc oxide (99% Zn) prices rose by INR 10,800/t w-o-w to INR 325,800/t ex-Delhi, compared with INR 315,000/t a week earlier.
The sharper increase in secondary zinc prices compared with the movement in benchmark zinc reflected firm replacement costs and resistance among sellers to lower offers. Suppliers continued to factor elevated primary zinc costs into their pricing despite the recent correction in international and domestic benchmarks.
Demand, however, remained subdued. Buyers continued to purchase mainly against immediate requirements and were reluctant to build inventories at higher price levels.
Hindustan Zinc Ltd (HZL) reduced its benchmark zinc ingot price by INR 3,300/t ($38/t) on 20 August from its previous revision on 17 August. The company also cut its lead ingot price by INR 700/t ($8/t), signalling softer domestic pricing conditions.
Following the revision, HZL’s Special High Grade (SHG) zinc benchmark stood at INR 405,800/t ($4,719/t), while its lead benchmark declined to INR 211,200/t ($2,456/t).
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