en.Wedoany.com Reported - On June 22, 2026, Hindustan Zinc Ltd (HZL) reduced its zinc ingot prices by INR 500/tonne ($6/tonne) and lead ingot prices by INR 2,100/tonne ($24/tonne) compared to June 18.
Following the adjustment, HZL's benchmark Special High Grade (SHG) zinc ingot price fell to INR 377,800/tonne ($4,410/tonne), while the lead ingot price dropped to INR 218,400/tonne ($2,550/tonne). Adjustments for other zinc grades are as follows: Special High Grade - Continuous Galvanizing Grade (SHG-CGG) at INR 379,300/tonne ($4,427/tonne), Special High Grade Jumbo (SHG-Jumbo) at INR 378,300/tonne ($4,416/tonne), High Grade (HG) at INR 377,300/tonne ($4,404/tonne), and Prime Western (PW) at INR 375,800/tonne ($4,387/tonne).
On the London Metal Exchange (LME), as of 2:00 PM Indian Standard Time, zinc was trading at $3,575/tonne, up 0.57%, while lead remained largely stable at $1,954/tonne. Expectations of tightening refined metal supply and supply disruptions caused by multiple global operational outages continue to support zinc prices, but market participants remain cautious about uncertainties in industrial demand recovery in major consuming regions.
Despite the recent reduction, HZL's SHG zinc price remains higher than the domestic spot market. According to BigMint's assessment, the ex-Delhi zinc ingot price on June 20 was approximately INR 376,900/tonne, with HZL's benchmark SHG price commanding a premium of about INR 900/tonne. Market participants noted that procurement activities are largely need-based, with buyers avoiding aggressive inventory building amid international price volatility.
The overall zinc market continues to be supported by supply-side factors. Recent operational disruptions at multiple smelting facilities, coupled with expectations of a tightening supply-demand balance for refined zinc, have supported market sentiment in recent weeks. Low visible inventories at major exchanges continue to provide support for global zinc prices.
Recent trade data from South Korea indicates a slowdown in export activity. In May 2026, South Korea exported 19,056 tonnes of zinc, down 8% year-on-year and significantly lower than the 44,254 tonnes recorded in April. Cumulative exports from January to May rose 24% year-on-year to 170,044 tonnes, reflecting strong shipments earlier in the year and suggesting relatively healthy regional demand despite the recent slowdown.
Market participants noted that while export momentum has weakened, underlying demand from galvanizing and manufacturing sectors across Asia continues to support trade flows. The decline in May shipments is largely viewed as a correction following robust procurement activity in previous months, rather than a significant deterioration in consumption fundamentals.
Overall, global zinc prices are expected to continue receiving support from supply disruptions, low inventories, and expectations of a tightening refined market balance. Uncertainties surrounding demand recovery and macroeconomic conditions may continue to limit upside potential. In the domestic market, procurement activity is likely to remain restrained, with consumers closely monitoring international price trends and downstream demand conditions.
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