- Weak LME trends pressure India scrap markets
- Copper scrap prices drop amid weak demand
LME base metals showed negative trends on a w-o-w basis in the week ended 21 March 2026, reflecting volatile and cautious market sentiment across the complex.
Aluminium prices on the LME plunged over 8% on 19 March 2026–the steepest drop since 2018–amid a broad market sell-off triggered by concerns over the economic impact of the Iran conflict. Prices fell to around $3,115/t, reversing earlier gains driven by supply disruption fears, as sentiment shifted toward weakening global growth and demand. The decline was supported by risk aversion, profit booking, and macroeconomic pressures, although tight inventories and firm physical premiums continue to offer some underlying support.
Aluminium
India’s imported aluminium scrap prices recorded a sharp w-o-w decrease as of 21 March 2026, supported by negative trends on the London Metal Exchange and ongoing geopolitical tensions, which have tightened global supply conditions.
As per market assessment for CFR Nhava Sheva deliveries, UK-origin Zorba 95-5 scrap down by $110/t w-o-w to $2,700/t, while US-origin Tense 6-7% scrap increased by $105/t w-o-w to $2,390/t.
Domestic aluminium prices in India declined w-o-w on 19 March 2026, tracking weakness in aluminium futures on the London Metal Exchange (LME) and Multi Commodity Exchange of India (MCX), amid easing global supply concerns and volatile sentiment due to ongoing geopolitical tensions.
As per BigMint’s assessment, domestic aluminium P1020 ingot prices in Delhi NCR fell by INR 11,000/t, or around 3%, w-o-w to INR 339,000/t, compared to INR 350,000/t in the previous week.
Copper
Imported and domestic copper scrap prices in India declined w-o-w, as on 20 March, weighed down by weaker demand fundamentals and easing global cues from the London Metal Exchange (LME).
India’s copper scrap imports fell 27% m-o-m to 25,700 tonnes (t) in February 2026 from 35,000 t in January, marking the lowest level in nearly a year.
According to BigMint’s assessment, copper armature scrap, ex-Delhi, was assessed at INR 1,102,000/t, down 3.3% w-o-w. In the imported scrap segment, brass honey from Europe was assessed at $7,140/t CFR Nhava Sheva, down 1.2% w-o-w, while copper motors scrap from the US declined 4% to $1,440/t.
Domestic brass honey scrap prices in India edged lower marginally on a w-o-w basis, reflecting a continued balance between constrained supply and cautious buying sentiment.
BigMint assessed brass honey scrap, ex-works Jamnagar, Gujarat, at INR 690,000/t on 20 March, down by 2.12% from INR 705,000/t in the previous week.
Zinc
India’s zinc dross and zinc oxide markets moved slightly higher week-on-week on 20 March 2026, supported by steady procurement from domestic processors and moderate trading activity across key hubs.
Domestic zinc dross prices increased by INR 5,000/t w-o-w to INR 274,700/t ex-Delhi. Zinc oxide (99% Zn) prices increased marginally by INR 200/t w-o-w to INR 260,000/t ex-Delhi, in line with higher dross input costs.
HZL on 19 Mar’26 cut its zinc ingot prices by INR 7,700/t ($82/t) to INR 332,300/t ($3,560/t) compared to the previous revision on 16 Mar’26.
Lead
Domestic primary lead ingot prices stood at INR 202,000/t, up by 1.2% w-o-w, while re-melted ingots stood at INR 193,400/t, up by 2% w-o-w.
Meanwhile, HZL on 19 Mar’26 its lead ingot prices by INR 800/t ($9/t) to INR 207,700/t ($2,225/t) compared to the previous revision on 16 Mar’26.
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