Non-ferrous metal prices Trends — 2021
Non-ferrous metals are those that, on a basic level, are not made of iron. These metals include the family of Aluminum, copper, Lead, and Zinc.
The family of non-ferrous metal is larger than you’d suspect. Among these metals, there is Copper Metal, which comes from Chile and Peru in South America and Zambia in Africa. There is also Aluminum, for which we have Canada as the most common producer, with China coming second.
Why does the non-ferrous metal price keep changing
The non-ferrous metal prices are unstable because the demand for such metals is on the rise due to their use in industry. Companies that deal with these metals need to ensure a continuous supply to avoid idle production and consequently reduce revenue. It is why the prices keep changing.
The non-ferrous metal prices have been in a difficult situation since 2015. The prices of copper and its alloys have been severely affected by the decline in global industrial production.
These metals are used to a great extent in manufacturing and industrial uses. The change in non-ferrous metal prices positively affects the economic growth rate of different states because they are used as raw materials in the industries.
Non-Ferrous metal prices and trends
Aluminum
The price of Aluminum has been on an upward trend in India, with the recent jump being by 5%. Aluminum imports into the country have increased, and there is a shortage of bauxite ore, which is used to extract Aluminum. It was reported that global demand for Aluminum had outpaced supply. The current rate of Aluminium is at ₹207/kg.
Copper
The price of copper has been following a downward trend in India.
The metal supply has been gradually increasing, and there is an increase in demand for copper from countries undergoing industrialization. However, it seems that the rate of copper will increase in the next six months by almost ₹300/kg. The current rate of copper is at ₹730/kg.
Lead
The lead price has been on a downward trend in India. The fall in the lead price has been attributed to a lack of demand from China. There have also been fluctuations in the price of lead due to supply and demand and the impact on prices of other metal commodities.
In the near future, demand for lead will increase with the consumption of machinery. Lead could continue to be a rare resource in India. The current rate of lead is at ₹179/kg.
Zinc
Zinc is an essential metal that is often used to make catalysts, alloys, and batteries. The price of zinc in India has increased by 3% in 6 months. It’s been reported that the increase in demand for zinc can be attributed to the increase in fuel prices, which have led to a rise in the demand for nontoxic alternative substances like zinc.
In addition, it was found that there was a shortage of white metal ores, which created higher rates of extraction, resulting in more supply for manufacturers. The current rate of zinc is at ₹249/kg.
Note:- Price of the raw material changes on daily basis. For update rate and aother raw material query visit:- https://www.ofbusiness.com/
Final Words
India is a country that relies on imports to meet its needs for non-ferrous metals. Several factors affect non-ferrous metal prices, such as fluctuations in demand for metal commodities and supply shortages. As countries of both industrializing and underdeveloped nations undergo industrialization, there is a rise in demand for metals present in those nations. Therefore, as India’s economy develops, non-ferrous metal prices should increase.