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.