India's Non-Ferrous Metal Demand Set to Rise Amid Global Supply Disruptions
Domestic demand for non-ferrous metals is expected to rise by 8-9% in FY27, according to Icra estimates. Global supply disruptions and low inventories have led to a price increase of 30-40% across April-August.
The London Metal Exchange (LME) July prices were strong compared to June, while August saw LME spot prices for aluminium, copper, zinc, lead, and nickel all rise month-on-month. Inventories at LME dropped month-on-month for aluminium, copper, zinc, and lead, though nickel inventory rose.
Aluminium production increased 4% in July but declined 2% year-over-year to 6.2 million tonnes. China alumina prices are weak, declining 1% month-over-month and 13% year-over-year in August. LME aluminium prices increased 3% month-over-month to $3,251/tonne in August.