Non-Ferrous Market Splits: Copper Up, Nickel Down

MUMBAI, SEPTEMBER 21, 2026 — India’s non-ferrous scrap market is sending mixed signals this week, creating clear opportunities for savvy dealers but posing risks for those not paying attention. Prices for copper, aluminium, and zinc are climbing, supported by tight global supply and steady demand. In sharp contrast, nickel has taken a hit, sliding on the back of oversupply in Asia and weaker-than-expected demand from the electric vehicle sector.

This split creates a classic "winner and loser" scenario. For scrap dealers, aggregators, and recyclers, the strategy for the next few weeks is now sharply defined: it's a time to sell the strong and potentially buy the weak. This divergence demands careful inventory management and a clear view of which way each metal is heading.

What is Changing?

The market is being pulled in two different directions.

On one side, copper and zinc prices are high due to real-world supply problems. Major global mines are struggling to meet demand, and smelter accidents have squeezed the market further, keeping prices firm. Aluminium is also seeing strength, with low inventories on the London Metal Exchange (LME) and rising energy costs pushing up production expenses.

On the other side, nickel is struggling. A flood of supply from Asia, combined with a slower-than-hoped-for recovery in demand for EV batteries, has created a glut. This has pushed prices down, making it the outlier in an otherwise strong base metals market. Lead remains relatively stable, with balanced supply and demand.

The Numbers You Should Know

Here’s a look at the global benchmarks influencing Indian scrap rates, as of September 21, 2026. Local scrap prices will vary, but these LME prices set the trend.

Note: These are international LME prices. Indian domestic scrap prices can range from ₹353/kg for aluminium to ₹1,385/kg for copper, depending on grade and location.

What It Means For Your Shop: Winners & Losers

This split market creates clear winners and losers, depending on whether you are buying or selling.

For Sellers (Dealers, Aggregators):

• WINNERS: If you are holding copper, brass, aluminium, or zinc scrap, the market is in your favour. Demand is strong, and buyers are paying premium rates. This is a good time to clear out inventory and realize strong profits.
• LOSERS: If your business relies heavily on nickel or stainless steel scrap (which contains nickel), you are facing headwinds. Prices are weak, and buyers are likely to be cautious, waiting to see if prices fall further.

For Buyers (Recyclers, Foundries, Manufacturers):

• WINNERS: If you need nickel for your operations, this is a buying opportunity. The current low prices offer a chance to secure raw material at a discount compared to recent months.
• LOSERS: If you need to buy copper, aluminium, or zinc scrap, you will be paying higher prices. Your input costs are rising, which will squeeze margins unless you can pass the increase on to your customers.

The Bigger Picture

This is more than a one-week blip. The factors driving these trends are significant. The push for electrification and green energy is creating long-term, sustained demand for copper and aluminium in everything from wiring to solar panels.

The weakness in nickel, however, shows how technology shifts can disrupt a market. While EVs are a major source of demand, changes in battery chemistry and a temporary oversupply can hit prices hard. This highlights the need for dealers to stay informed not just about prices, but about the industries that consume these metals.

What You Should Do This Week

1. Get Quotes for Your Copper & Aluminium: If you have stock, call your buyers now. Lock in the high prices.
2. Sell Your Zinc Scrap: With prices at multi-year highs, now is the time to sell.
3. Evaluate Nickel Purchase: If you are a buyer with stable cash flow, consider stocking up on nickel scrap while it's cheap.
4. Hold Nickel Scrap (If Selling): If you can afford to wait, it may be better to hold your nickel and stainless steel scrap in hopes of a price recovery.
5. Review Your Inventory Mix: Don't be over-exposed to a single metal. A balanced inventory protects you from the ups and downs of any one commodity.
6. Talk to Your Network: Ask other dealers what they are seeing. Are buyers in your area paying above or below the trend?

The One Thing to Remember

The market is split. Sell your strong metals (copper, aluminium, zinc) now to take profits; buy the weak one (nickel) if you have the cash and the need.