Zinc prices in India have continued their strong upward momentum through October 2025, supported by tight global supply, declining LME inventories, and rising import costs. Hindustan Zinc Limited (HZL), India’s largest producer of refined zinc, has revised its ingot prices upward twice this month in response to international trends. On 1 October, HZL priced zinc ingots at ₹311,700/t. Following two consecutive increases, including a ₹2,800/t hike on 13 October, the price now stands at ₹320,400/t (~$3,609/t) ex-Chanderiya. This adjustment reflects the recent surge in LME zinc, which has risen to $3,018/t in recent weeks due to a sharp decline in LME zinc inventories (over 60% down year-over-year), logistics issues, and robust premiums in the physical market. In India, SHG (Special High Grade) in places such as Delhi and Mumbai have climbed to ₹295,000–305,000/t as traders and end-users attempted to buy material at a time when imports were limited and there was little opportunity to access overseas branded zinc subject to BIS certification.

Outlook:

It has been anticipated that zinc prices are likely to remain firm due to a tightness in supply and robust demand. However, as global refined zinc output is expected to grow in 2026, zinc prices are likely to gradually ease in the medium term as supply balances improve.