April 1, 2026: Metal Markets Start Q2 Strong as Copper and Steel Gain Ground

Market Overview: Q2 Begins with Bullish Momentum

The global metals market entered the second quarter of 2026 on a robust note this April 1, as supply-side constraints in Southeast Asia and a resurgence in Indian infrastructure demand provided a firm floor for prices. On the London Metal Exchange (LME), the 3-month complex showed broad-based gains, while domestic Indian markets reflected a tightening of spot availability for high-grade scrap and primary ingots.

Steel and Stainless Steel: Infrastructure Push Buffers Prices

In the Indian domestic circuit, long product prices saw a marginal uptick of ₹400–₹600 per tonne this morning. TMT bar prices in the Mandi Gobindgarh and Jalna markets are currently hovering between ₹52,400 and ₹53,800 per tonne. This stability comes on the back of several new government contract awards for highway and urban rail projects scheduled for the current fiscal year.

Flat products remain steady but under pressure from high-quality imports from South Korea. However, the domestic stainless steel segment—specifically the 304 series—witnessed a price increase of 1.2% today, driven by a sudden spike in nickel volatility. 304-grade cold-rolled coils (CRC) in Delhi and Mumbai are trading near ₹198,000–₹202,000 per tonne.

LME Trends and Copper: The Red Metal Rises

Copper is the standout performer on the LME today, trading at $9,420 per tonne. Market sentiment is being driven by reports of declining inventories in LME-registered warehouses, which have fallen to a three-month low.

In India, MCX Copper April futures climbed to ₹785 per kg. Domestic copper wire bar prices are quoted at approximately ₹815–₹828 per kg, depending on the manufacturer and credit terms. Secondary copper ingots are seeing high demand as small-to-medium enterprises (SMEs) front-load inventory for the new financial year.

Aluminium and Nickel: Energy Costs and Supply Ethics

Aluminium prices on the LME stabilized at $2,580 per tonne. In India, primary producers like NALCO and Hindalco have maintained a cautious pricing stance, with P1020 grade prices hovering around ₹235–₹242 per kg in major hubs like Chennai and Ahmedabad. The market is closely watching electricity tariff revisions for smelters, which could dictate the price trajectory for the rest of April.

Nickel continues its trend of high volatility, trading on the LME at $18,450 per tonne. Domestically, nickel cathodes in the Mumbai spot market are priced at ₹1,640–₹1,675 per kg. The shift toward EV battery production in Western India remains a primary driver for nickel consumption, even as stainless steel mills remain the largest volume buyers.

Zinc, Lead, and Tin: Mixed Sentiments

Zinc prices saw a slight correction today, dropping 0.6% on the LME to $2,840 per tonne, tracking a slowdown in Chinese galvanizing activity. Domestic Delhi spot prices for zinc ingots are currently at ₹268 per kg.

Lead prices remain the most stable in the base metal pack, holding firm at $2,120 per tonne on the LME. The Indian domestic market is seeing steady recycling activity, with secondary lead ingots fetching ₹188–₹192 per kg.

Tin, however, reached a fresh high for the year, hitting $32,400 per tonne on the LME due to mining disruptions in Indonesia and Myanmar. Indian solder manufacturers are feeling the pinch, with domestic tin prices surging to ₹2,850 per kg, a 2.5% jump from last week's average.

Outlook for the Week

As we move further into the first week of April, Indian metal buyers should focus on the strengthening USD/INR exchange rate, which may offset any minor dips in LME prices. With the start of the new financial year (FY 2026-27), corporate procurement cycles are expected to peak, potentially leading to short-term supply tightness in the domestic scrap and secondary ingot markets.

MetaleMart analysts suggest that while the long-term outlook for copper and aluminium remains bullish due to green energy transitions, steel prices may remain range-bound until the monsoon season approaches. Buyers are advised to lock in requirements for the next 30 days to hedge against further logistics-driven price hikes.