India: HZL cuts zinc prices by INR 3,300/t, lead prices by INR 2,100/t
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- HZL zinc prices remain marginally above spot market levels
- Demand remains need-driven despite firm global price outlook
Hindustan Zinc Ltd (HZL) on 1 June 2026 reduced zinc ingot prices by INR 3,300/t ($39/t) and lead ingot prices by INR 2,100/t ($25/t) compared with its previous revision announced on 28 May.
HZL's benchmark Special High Grade (SHG) zinc ingot prices were lowered to INR 376,200/t ($4,390/t), while lead ingot prices were reduced to INR 226,900/t ($2,649/t).
Other revised zinc grades were:
- Special High Grade-Continuous Galvanizing Grade (SHG-CGG): INR 377,700/t
- Special High Grade Jumbo (SHG-Jumbo): INR 376,700/t
- High Grade (HG): INR 375,700/t
- Prime Western (PW): INR 374,200/t
On the London Metal Exchange (LME), zinc prices were trading at $3,578/t, up 0.99%, while lead prices increased by 0.15% to $2,019/t as of 14:10 PM IST.
Despite the latest correction, HZL's SHG zinc prices remained slightly above domestic spot market levels. According to BigMint's latest assessment on 29 May, spot zinc ingot prices stood at around INR 374,000/t, Ex-Delhi. Market participants indicated that buying activity continued to be largely requirement driven, with consumers maintaining cautious procurement amid elevated price levels.
Meanwhile, global sentiment toward zinc remained supportive. JP Morgan expects zinc prices to stay elevated through the remainder of 2026 despite weak end-user demand, citing ongoing mine supply disruptions. The bank has lowered its 2026 global refined zinc production forecast by nearly 300,000 t, tightening the global market balance and reducing the expected surplus to around 130,000 t.
The bank also projects a 5% year-on-year decline in mine supply growth during 2026 due to production disruptions and guidance misses at major operations in Sweden, the US and Peru. JP Morgan expects LME zinc prices to average between $3,400/t and $3,500/t for the rest of the year.
