Weekly round-up: Global base metals prices see divergent trends
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- Govt launches non-ferrous recycling portal
- Nickel posts highest weekly gain of 2.09%
At close of trading on 9 May 2025, base metals prices on the London Metal Exchange (LME) showed a slight uptrend, with nickel witnessing the highest gain of 2.09% w-o-w. Meanwhile, LME warehouse stocks exhibited negative trends w-o-w, with copper falling the steepest, by 2.8%.
On the LME, three-month aluminium stood at $2,417/tonne (t), down by 0.58%, while nickel prices increased by 2.09% w-o-w to $15,804/t. Copper prices were at $9,445/t, up by 0.85% w-o-w, while zinc increased by 1.76% w-o-w to $2,653/t. Lead was up by 2.46% w-o-w to $1,982/t.
India's imported aluminium scrap prices fluctuated by up to $40-50/t w-o-w, supported by a tightening supply of raw materials in the global market because of fluctuating LME prices which are making sellers cautious.
BigMint's latest assessmentsindicate that Tense scrap from the US stood at $1,990/t up by $50/t, while Wheels from the UK stood at $2,455/t, both CFR west coast India.
In the domestic market, Tense scrap prices in both Delhi and Chennai inched up by INR 3,000/t compared to last week. According to BigMint'sassessment, domestic Tense scrap stood at INR 195,000/t ex-Delhi-NCR and INR 196,000/t ex-Chennai.
Additionally, India's secondary aluminium market saw an increase in prices in April, driven by rising demand and persistent shortage of raw materials. This supply-demand imbalance pushed alloyed ingot prices higher, particularly in the northern and southern parts of the country.
Copper
India's copper scrap prices inched up this week, following a 2% w-o-w increase in London Metal Exchange (LME) futures.
Copper armature scrap was assessed at INR 792,000/t ex-Delhi, up by INR 2,000/t w-o-w, while motors mix decreased by $10/t w-o-w to $1,170/t.
Secondary continuously cast rods (CCRs) (99.90%) were assessed at INR 844,000/t ex-Delhi, reflecting an increase of INR 4,000/t w-o-w. Meanwhile, primary CCR prices stood at INR 860,000/t, steady w-o-w.
Zinc
Imported zinc diecast from the Middle East was assessed at $2,150/t CFR Mundra, steady w-o-w, while domestic zinc ingots inched up by INR 4,000/t w-o-w to INR 260,000/t.
Zinc ingot prices of Hindustan Zinc Limited (HZL) dropped by INR 9,400/t w-o-w to INR 258,000/t ex-Jodhpur.
Lead
Domestic primary lead ingot prices remained stable at INR 199,000/t, while re-melted ingots stood at INR 180,000/t. Meanwhile, HZL lead ingots were up by INR 4,200/t w-o-w to INR 194,400/t ex-Jodhpur.
Other updates
Ministry of Mines launches non-ferrous metal recycling portal: India's Union Minister of Coal and Mines, G. Kishan Reddy, has launched a dedicated non-ferrous metal recycling website and stakeholders portal, developed under the National Non-Ferrous Metal Scrap Recycling Framework. It aims to connect stakeholders, enhance data visibility, and support informed policymaking for metals such as aluminium, copper, lead, and zinc and critical elements, promoting a structured, transparent, and sustainable recycling ecosystem.
Chile's top copper mines post mixed March output: Codelco's copper production rose nearly 15% y-o-y in March to 123,200 t, according to Cochilco. BHP's Escondida mine saw a 19% jump to 120,600 t. However, Collahuasi, run by Glencore and Anglo American, saw output fall 29% to 35,200 t.
