en.Wedoany.com Reported - Hindustan Zinc Ltd (HZL) lowered prices for zinc ingots and lead ingots on June 29. Zinc ingot prices were reduced by INR 8,500 ($99) per tonne compared to the previous adjustment on June 25, while lead ingot prices were cut by INR 3,200 ($37) per tonne.
Following the adjustment, the benchmark Special High Grade (SHG) zinc ingot price fell to INR 365,300 ($4,266) per tonne, and lead ingot prices dropped to INR 213,300 ($2,491) per tonne. Prices for other zinc grades were also adjusted: Special High Grade Continuous Galvanizing Grade (SHG-CGG) at INR 366,800 ($4,283) per tonne, Special High Grade Jumbo (SHG-Jumbo) at INR 365,800 ($4,272) per tonne, High Grade (HG) at INR 364,800 ($4,260) per tonne, and Prime Western (PW) at INR 363,300 ($4,243) per tonne.
On the London Metal Exchange (LME), zinc was quoted at $3,505 per tonne as of 12:50 Indian Standard Time, up 0.18%. This modest recovery reflects improved risk appetite following easing geopolitical concerns and sustained optimism over medium-term supply prospects. However, expectations of a stronger dollar and uncertainty over the global interest rate path limited gains.
Despite this reduction, HZL's SHG zinc price remains above domestic spot market levels. According to BigMint's assessment, the SHG zinc ingot price for Delhi delivery on June 26 was INR 363,000 per tonne, implying a premium of approximately INR 2,300 over HZL's benchmark price. Market participants indicated that procurement activity remains largely need-based, with consumers staying cautious amid fluctuations in global prices and downstream demand.
The broader zinc market continues to be supported by supply disruptions at several major operations. Glencore's Kazzinc facility in Kazakhstan has been affected by reduced operating rates following an explosion, while Nexa's Cajamarquilla smelter in Peru is still recovering from fire-related damage. Additionally, a seismic event at Boliden's Garpenberg mine earlier this year has raised concerns over potentially prolonged lower output.
Meanwhile, Hindustan Zinc has strengthened its long-term sustainability strategy by signing a Memorandum of Understanding (MoU). The company partnered with Advantek Associates LLP and Aero Eagle Automobiles Pvt Ltd to explore the use of green hydrogen and other clean energy solutions in its mining operations. The initiative aims to assess hydrogen-based technologies for underground mining, heavy earthmoving equipment, and surface operations, as part of the company's transition toward low-carbon mining and its net-zero target by 2050.
From a fundamental perspective, the zinc market remains relatively tight. The International Lead and Zinc Study Group (ILZSG) forecasts a refined zinc deficit of 19,000 tonnes in 2026, reinforcing market expectations of constrained metal supply.
Overall, ongoing supply disruptions, low inventories, and expectations of a refined market deficit may support global zinc prices. However, a stronger dollar and uncertainty over global economic growth could continue to limit upward momentum. In the domestic market, procurement activity is expected to remain cautious, with consumers closely monitoring international price trends and downstream demand conditions.
