India

India’s economy remains strong and steady despite ongoing global challenges. The March quarter brought good news, with GDP growing at its best pace of the fiscal year at a solid 7.4% compared to the same period in 2024. That’s a healthy jump from the 6.4% of the previous quarter and much stronger than what markets had predicted.

Aluminium wrought scrap prices have been rising after the US tariff announcement but an increase in the spread between the LME is now being seen. Primary aluminium prices have seen a reduction for the July quarter of US$ 60-80 per tonne. Casting scrap prices have climbed US$ 50 per tonne while ADC12 has advanced from US$ 2650 to US$ 2700.

There has been strong demand for copper scrap within the domestic market and availability in India has also been good. Finished copper product demand is experiencing substantial growth.

India produces 100,000-125,000 tonnes of lead every month. The industry has recorded growth of more than 5% over the last three months and this has been reflected in the scrap market. Scrap availability is in balance through the combination of imports and domestic supplies.

Scrap prices are linked to the LME and to local market indices. During the last three months, import prices have shown an uptrend owing to a low LME and higher Indian demand and domestic indices. With the LME having risen more recently, the LME percentage for the scrap is expected to be lower.

Finished product demand in India has increased owing to seasonal effects and the export market has followed the same trend. Demand in the domestic market over the next three to six months looks set to be static.

Antimony prices are on a rising trend owing to the geopolitical situation and are affecting the cost of lead-acid batteries. A design modification is expected in the industry as a result of this trend with antimony.