India's Vanadium Pentoxide Imports from China Surge Amid Policy Shift

Vanadium

Removal of Indian Import Duty Boosts V2O5 Flake Trade, Reshaping Global Vanadium Supply Chain

India's demand for vanadium pentoxide flake (V2O5) from China is expected to keep growing in 2025, fueled by a strategic shift in trade policy and booming domestic steel production. The lifting of India’s 5% import duty on V2O5 in July 2024 significantly boosted Chinese exports, with volumes hitting 5,659 tonnes that year — a 2% increase from 2023, largely attributed to India’s buying spree.

December’s V2O5 exports from China to India spiked fourfold year-over-year to 462 tonnes, showcasing India's aggressive restocking. Although this was down 30% from November's peak of 663 tonnes, the trend clearly favors continued growth into 2025.

India Shifts Focus from Ferro-Vanadium to Flake Feedstock

India’s Bureau of Indian Standards (BIS) certification requirement for foreign ferro-vanadium suppliers, introduced in September 2024, has added barriers to ferro-alloy imports. Many Chinese producers resist applying for BIS due to the intrusive approval process, which includes third-party inspections and disclosure of proprietary production data. As a result, Indian buyers have increasingly turned to V2O5 flake as a substitute for direct alloy imports.

India’s strategic move aims to strengthen its domestic ferro-vanadium industry by incentivizing the use of vanadium pentoxide feedstock. While ferro-vanadium imports still incur a 5% duty, V2O5 imports are now duty-free, giving Indian alloy producers a significant cost advantage. This policy shift aligns with India’s growing steel output — up 6.3% year-on-year to 149.6 million tonnes in 2024 — which naturally lifts vanadium demand.

Global Trade Dynamics Rebalance as India Rises

China, the world’s largest vanadium producer with 70% of global output, saw its V2O5 production rise 3.3% to 165,000 tonnes in 2024. As traditional buyers like South Korea, Japan, and Germany scaled back imports due to sluggish steel demand, India stepped in as a key growth market. Indian imports of Chinese V2O5 soared to 470 tonnes in 2024 from zero the previous year — a monumental shift.

Even as ferro-vanadium exports from China to India jumped to 200 tonnes in 2024 — 33 times more than in 2023 — the rising preference for vanadium flake suggests a long-term structural pivot. With India’s BIS certification deadline looming in March 2025, foreign ferro-vanadium suppliers without certification will be locked out, reinforcing India’s reliance on Chinese V2O5 flake.

Looking ahead, India’s rising crude steel output and policy-driven demand for vanadium flake are poised to reshape vanadium trade flows. As China ramps up its production capacity, both nations may find themselves increasingly entwined in the evolving global vanadium market.

Moil Achieves Record Manganese Ore Output in FY2024-25

Moil

India's State Miner Sees Steady Growth in Output and Sales

India's state-run Manganese Ore India Ltd (Moil) recorded its highest-ever manganese ore production in fiscal year 2024–25. The company reported 1.8 million tonnes of output, up 2.7% year-on-year, and sales of 1.58 million tonnes, marking a 3.3% annual growth.

Moil’s ability to increase production despite global ore cost pressures and sluggish market sentiment underscores its operational efficiency. This performance strengthens Moil’s position as a critical domestic supplier, covering nearly 50% of India's manganese ore demand.

Ferro-Manganese Output Rises Despite Global Headwinds

In addition to ore production, Moil also boosted ferro-manganese output to 12,000 tonnes, an 18% increase compared to the prior year. This uptick comes amid a challenging global environment, with ore prices climbing due to supply tightness from major producers like South Africa and Australia.

Meanwhile, India’s reliance on imports for the other half of its manganese ore demand adds pressure on pricing stability and supply diversification strategies. Moil’s sustained growth in both raw ore and ferro-alloy production signals a resilient position in India’s steel and alloy value chain.

Strategic Importance to India’s Steel Sector

Manganese is essential for steel production, and Moil’s record output directly supports India’s ambitions for infrastructure growth and self-reliance. As domestic demand for manganese alloys and specialty steels grows, Moil’s continued investment in output expansion will be crucial.

India’s push to reduce dependency on imports aligns with Moil’s upward production trend, helping to insulate the country from global price volatility. Looking ahead, the company’s ability to maintain scale and efficiency will shape its competitiveness in a tight global market.

The Metalnomist Commentary

Moil's production record is a quiet but critical milestone in India's industrial ambitions. With ferroalloy demand rising and global manganese supply tightening, India’s partial self-sufficiency via Moil becomes more than just economic strategy—it’s geopolitical insulation. The next step? Scaling sustainably while navigating price and policy turbulence.

SECI to Invest ₹25 Billion in 200MW Solar and Battery Storage Projects in Madhya Pradesh

India SECI

India’s Solar Energy Corporation Expands Green Push With New Projects in Dhar and 1,000MWh Storage Facility

SECI Accelerates Renewable Energy Drive with Major Investment in Madhya Pradesh

India’s Solar Energy Corporation of India (SECI) has committed ₹25 billion ($286.5 million) to develop key renewable energy infrastructure in Madhya Pradesh. SECI signed an initial agreement with the state government to build a 200MW solar project in Dhar and a 1,000MWh battery energy storage system.

The investment falls under the Central Public Sector Undertaking (CPSU) scheme and will be executed in phases. SECI, which operates under India’s Ministry of New and Renewable Energy, aims to strengthen the country’s clean energy capacity and reduce dependence on fossil fuels.

Long-Term Clean Energy Commitment Supports India’s Energy Transition Goals

The 200MW solar plant is part of a broader 500MW agreement signed in 2023 with MP Power Management Company Limited (MPPMCL). Under this agreement, SECI will supply renewable electricity to Madhya Pradesh for 25 years, reinforcing long-term power stability through sustainable means.

By investing in solar power and energy storage, SECI continues to lead India's green energy movement. The dual focus on generation and storage aligns with national goals to improve grid reliability and boost clean energy adoption across sectors.

Battery Storage to Play Crucial Role in Energy Security

The planned 1,000MWh battery storage project marks a significant step toward ensuring round-the-clock renewable power availability. With India's energy demands rising, storage infrastructure is essential to integrate intermittent sources like solar into the national grid effectively.

SECI’s announcement confirms its commitment to supporting India’s decarbonization strategy while strengthening Madhya Pradesh’s role as a clean energy hub.

India’s HCL to Treble Copper Ore Output by 2031

Hindustan Copper

HCL Expands Copper Mining Capacity

Hindustan Copper Ltd (HCL), India’s state-owned copper producer, has announced plans to triple its copper ore production capacity to 12.2mn t/yr by March 2031. The company will achieve this expansion through a combination of mine reopenings and expansions at existing sites.

In the fiscal year ending March 2024, HCL boosted output by 13% to 3.78mn tonnes compared with 3.35mn tonnes the year before. The firm expects to raise output to 4.35mn tonnes by fiscal 2025-26, adding around 2mn tonnes annually until its long-term target is met.

Strategic Investment to Meet Rising Demand

HCL has resumed operations at the Rakha mine in Jharkhand and plans to expand production at its Kendadih mine by 250,000 tonnes before December. To support these goals, the company will invest about 20bn rupees ($234mn) over the next 5–6 years.

This expansion aligns with India’s strategy to strengthen domestic copper production and reduce import reliance. Growing demand from infrastructure, renewable energy, electric vehicles, rural electrification, and urban housing projects will underpin copper consumption in the coming decade.

HCL remains India’s only fully integrated copper producer, operating across mining, ore processing, smelting, and refining under the ministry of mines. Its strategic role makes it critical in meeting India’s industrial and energy transition goals.

The Metalnomist Commentary

HCL’s aggressive expansion underscores India’s recognition of copper as a cornerstone of its energy and infrastructure growth. The plan reflects both a strategic hedge against import dependence and a long-term alignment with global copper demand trends driven by electrification. Investors will closely watch execution risks, particularly in financing and environmental compliance.

Vedanta Expands Metals Exploration Across India to Secure Critical Minerals

Vedanta

Multi-state exploration strengthens Vedanta’s role in clean energy supply chains

Vedanta expands metals exploration across six Indian states in a strategic push to secure critical minerals essential for clean energy technologies. The company is targeting copper, nickel, cobalt, vanadium, tungsten, chromium, and PGEs in regions including Maharashtra, Rajasthan, Bihar, Arunachal Pradesh, Karnataka, and Chhattisgarh. This initiative aligns with India’s growing focus on mineral self-sufficiency and value chain localization.

Auction wins and value-added aluminum investment boost vertical integration

In the fourth round of India’s critical mineral auctions, Vedanta secured four mineral blocks. These include vanadium and graphite in Arunachal Pradesh, and a polymetallic block with cobalt, manganese, and iron in Karnataka. Its subsidiary Hindustan Zinc (HZL) also won two tungsten blocks in Andhra Pradesh and Tamil Nadu. Alongside exploration, Vedanta is expanding downstream capabilities—targeting over 90% value-added aluminum output through investments in billets, foundry alloys, rolled products, and wire rods.

Zinc alloy innovation and aluminum capex signal industrial diversification

HZL is diversifying zinc use cases beyond steel galvanization by launching a 30,000-tonne zinc alloy facility. Meanwhile, Vedanta is investing $1.5 billion to expand aluminum smelting and rolling capacity, including a major upgrade at its Odisha plant. These developments aim to deepen Vedanta’s footprint in aerospace, defense, solar, EVs, and battery infrastructure—critical to India's low-carbon ambitions.

The Metalnomist Commentary

Vedanta’s aggressive critical mineral exploration and aluminum investments reflect India’s urgent drive to localize energy transition supply chains. With a diversified portfolio and state-backed auction wins, Vedanta is positioning itself as a key pillar in India's clean energy industrial ecosystem.

PTC Industries Secures Titanium Sponge Supply Deal with ATTM

PTC Industries

Strengthening India's Aerospace Titanium Supply Chain

Indian manufacturer PTC Industries has entered into a strategic titanium sponge supply agreement with Amic Toho Titanium Metal (ATTM) of Saudi Arabia. This partnership follows PTC's recent commissioning of a vacuum arc remelt (VAR) furnace, a move aimed at boosting India's titanium ingot production capacity.

Expanding Titanium Ingots Production in India

PTC’s subsidiary, Aerolloy Technologies, operates the newly launched VAR furnace, which boasts a 1,500 t/yr melting capacity. This advanced facility can produce aerospace-grade titanium ingots, a critical material for aviation, defense, and high-performance industries. The agreement with ATTM ensures a stable supply of titanium sponge, a vital raw material for ingot production.

Titanium sponge is melted alongside titanium scrap and master alloys, such as aluminum-vanadium, to form high-quality titanium ingots. However, India's domestic supply of titanium scrap remains limited, making imports from regions like Europe and Asia essential for a balanced melt mix.

ATTM’s Aerospace-Grade Titanium Expertise

ATTM, one of only four titanium sponge producers approved for aerospace applications, operates with a 15,600 t/yr nameplate capacity. This positions the company as a crucial supplier for PTC’s ambitions to expand India’s aerospace and high-performance titanium alloy capabilities.

By securing this agreement, PTC enhances its ability to meet the growing demand for high-quality titanium products, reducing reliance on fluctuating global scrap markets. The move aligns with India's vision of strengthening its aerospace and defense supply chains, reinforcing the nation's push for self-reliance in critical materials.

Hindustan Zinc to Double Lead and Zinc Capacity

Hindustan Zinc

HZL Approves Major Expansion in Rajasthan

Hindustan Zinc (HZL) will double its lead, zinc and silver production capacity within five years. The company’s board has approved a Rs120bn ($1.39bn) investment for a new 250,000 t/yr integrated smelter in Debari, Rajasthan. Alongside, mined metal capacity will expand by 330,000 t, with the project targeted for completion in 36 months.

This expansion will raise HZL’s refined zinc and lead smelting capacity to nearly 2mn t/yr and boost silver production to 1,500 t/yr. Current annual production stands at 1.1mn t.

Anticipating India’s Rising Demand for Zinc

India’s zinc consumption is projected to rise sharply over the next decade. The International Zinc Association highlights that heavy infrastructure spending and steel sector growth will drive demand. HZL’s expansion aligns with this forecast, ensuring it can supply both domestic and global markets.

As the world’s largest integrated zinc producer and among the top five silver producers globally, HZL already dominates India’s primary zinc market with a 77% share. The planned increase in output strengthens its strategic position across international supply chains.

Strengthening Global Reach and Market Share

HZL supplies zinc, lead, and silver to more than 40 countries worldwide. Its production increase will reinforce India’s role as a key player in global metals markets. By expanding capacity, HZL positions itself to meet both export commitments and domestic industrial growth, particularly in construction, energy, and automotive sectors.

The expansion also reflects a broader trend of miners and smelters aligning investments with future metal-intensive infrastructure and green energy projects, where zinc plays a critical role in galvanization and corrosion resistance.

The Metalnomist Commentary

HZL’s plan to double lead and zinc capacity is a strategic response to India’s infrastructure boom and global supply needs. By combining capacity growth with its existing market dominance, HZL strengthens its position as a global leader in base metals. This expansion also signals confidence in long-term demand despite current price volatility in the zinc market.

India and Saudi Arabia Forge Partnership in Critical Mineral Sector

the Future Minerals Forum (FMF)

India and Saudi Arabia have entered into an agreement to enhance cooperation in the critical mineral sector. The two countries aim to collaborate on mineral exploration, sustainable extraction, and the development of resilient supply chains. This partnership is poised to play a significant role in securing essential minerals for clean energy and high-tech industries.

Strengthening Mineral Supply Chains and Reducing Import Dependency

The agreement was formalized during a meeting between India's Union Minister of Coal and Mines, G. Kishan Reddy, and Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, in New Delhi on February 4. The primary focus of the meeting was to establish international partnerships aimed at mineral security and sustainable development. This initiative aligns with India's National Critical Minerals Mission (NCMM), which seeks to secure a steady supply of critical minerals for various industries.

The discussions emphasized creating reliable and secure supply chains for minerals to reduce import dependency. Both nations recognized the importance of this cooperation in securing minerals necessary for the global energy transition and clean energy systems.

Promoting Domestic and International Collaboration in Mineral Extraction

In addition to strengthening supply chains, the dialogue also focused on advancing both domestic and international collaborations. The goal is to ensure a continuous supply of critical minerals, especially for clean energy technologies and high-tech industries. Furthermore, India and Saudi Arabia agreed to cooperate in adopting advanced mining technologies and innovations that promote sustainable mineral exploration and extraction.

This partnership also builds upon India’s involvement in the Future Minerals Forum (FMF) in Riyadh in 2025. India has shown a strong commitment to securing critical minerals, which are vital for the transition to clean energy and the future of global energy systems.

India’s Commitment to Sustainable Development

At the FMF event, Minister Reddy highlighted India's ongoing efforts to secure the critical minerals needed for energy transition and clean energy initiatives. India is focused on fostering international cooperation to meet the growing demand for these minerals, which are integral to advancing technologies that support clean energy, electric vehicles, and high-tech industries.

India Proposes GEI Targets Under Carbon Credit Trading Scheme

India

India’s environment ministry has launched consultations on new emission rules tied to its carbon credit trading scheme. The draft, titled Greenhouse Gases Emission Intensity Target Rules, 2025, sets GEI targets for 282 companies across four sectors. The move is aimed at helping India meet its nationally determined contribution (NDC) under the Paris Agreement.

The India carbon credit trading scheme allows companies to meet targets by reducing emissions or purchasing carbon credit certificates. Companies that outperform can bank or sell excess credits, while underperformers must buy credits at double the average traded carbon price. The Bureau of Energy Efficiency, under the power ministry, will calculate pricing based on trading activity.

Cement and Aluminium Sectors Face Highest Compliance Pressure

The draft rules impact companies from the cement, aluminium, chlor-alkali, and pulp and paper sectors. Cement dominates the list, with 186 of the 282 entities covered. The aluminium industry also features prominently, with 13 firms required to report emissions under the proposed rules. These targets apply for two compliance periods—2025–26 and 2026–27.

Companies have until mid-June 2025 to comment on the proposed GEI framework. They must either cut emissions or offset them through credits within India’s regulated carbon market. Failure to comply will result in financial penalties tied to average carbon credit prices. This mechanism could drive new investment in low-carbon technology and sustainable manufacturing practices.

India’s Domestic Carbon Market Gains Policy Momentum

The India carbon credit trading scheme has evolved rapidly since its introduction in the Energy Conservation Bill of 2022. In 2023, the government rolled out a formal Carbon Credits Trading Scheme (CCTS), followed by the Detailed Procedure for Compliance Mechanism in 2024. The new GEI targets represent a significant step toward operationalizing India’s voluntary-to-compliance carbon market transition.

By linking emission reduction to a monetized credit system, India aims to create financial incentives for industrial decarbonization. This initiative positions India as a leader among emerging markets developing domestic carbon pricing frameworks.

The Metalnomist Commentary

India’s carbon market now enters a pivotal stage with enforceable GEI targets and structured credit penalties. For energy-intensive sectors like aluminium and cement, this could reshape investment flows and ESG compliance strategies. Market participants should monitor evolving credit pricing mechanisms and sector-specific caps.

India's Fastener Market to Expand at a CAGR of 7.9% by 2030

According to a report by the consulting firm Strait, the industrial fastener market in India was valued at $9.064 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 7.9%, reaching $17.868 billion by 2030.

The industrial fastener market in India is one of the fastest-growing sectors within the manufacturing industry, driven by the country's rapid industrialization and infrastructure development. Notably, the automotive sector stands out as a primary consumer of industrial fasteners. The increase in automobile production, coupled with the transition to electric vehicles (EVs), is generating substantial demand for high-quality industrial fasteners. Furthermore, the Indian government's emphasis on infrastructure projects, including roads, bridges, airports, and public housing initiatives, is significantly propelling the growth of the fastener market.

In addition, numerous fastener manufacturers are focusing on the development of recyclable products with reduced carbon emissions, fostering a shift towards a more sustainable and environmentally friendly fastener market.

Key trends in the Indian fastener market include the adoption of multifunctional fasteners that enhance overall productivity by reducing assembly time, the emergence of fasteners utilizing advanced materials such as ceramics, alloys, and carbon fiber, improvements in corrosion resistance, lightweight designs aligning with the trend of vehicle electrification, and a rising demand for security fasteners.

In recent years, India has experienced a notable increase in fastener imports due to the growth of the manufacturing sector and the escalating demand for industrial products. The rising demand for high-quality and specialized fasteners is a significant factor driving the import growth.

The demand for specialty fasteners that meet international quality standards is increasing, particularly in industries such as automotive, aerospace, and electronics, which require fasteners with specific features like corrosion resistance, high tensile strength, and lightweight design.

In 2023, India’s fastener imports amounted to $488 million, reflecting a 14.4% increase from the previous year. China held the largest market share, followed by Japan, South Korea, Germany, and Thailand. Imports from South Korea were valued at $61.5 million in 2023, a 3.9% increase from the previous year, although the market share declined by 1.3 percentage points to 12.6%.

India's basic customs duty on fasteners is 25%, with a final duty rate of 58.57%. The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry has been enforcing quality certification regulations through the "Quality Control Order 2023" for fasteners since January 20 of this year.

Recently, the influx of low-cost Chinese products has prompted India to implement stronger measures against Chinese imports. The Directorate General of Trade Remedies (DGTR) under the Ministry of Commerce has initiated an anti-dumping investigation on fastener imports from China. The investigation is ongoing, and the imposition of anti-dumping duties has yet to be announced.

Although the final results are pending, India’s intensified scrutiny of Chinese imports is expected to create opportunities for South Korean fasteners to increase their market share in India.

The Indian fastener market is experiencing rapid growth, bolstered by the expansion of the manufacturing sector, infrastructure development, and increased automobile production. The demand for fasteners in India is projected to grow at an accelerated pace as the government focuses on initiatives like "Make in India" and increases investments in sectors such as automotive, construction, and electronics.

The Secretary General of the Fasteners Association of India (FAI) stated, "The Indian fastener market presents promising opportunities for the South Korean fastener industry to expand its market presence. Leveraging South Korea’s reputation for quality and technical expertise, Korean fastener manufacturers can forge strong partnerships with Indian companies and capitalize on the demand for fasteners in India’s booming industrial sectors."

India's Manganese Alloy Imports Surge, Prompting EU Trade Protection Measures

Manganese Alloy

Rising Indian Imports Disrupt European Manganese Market

India's manganese alloy exports to Europe have surged, reshaping market dynamics and triggering a safeguard investigation by the European Commission. In January-November 2020, India accounted for only 3% of EU ferro-manganese imports, but by 2024, this share skyrocketed to 28%, totaling 104,376 metric tons.

The silico-manganese market also saw a dramatic shift. India’s share of EU silico-manganese imports grew from 10% in 2020 to 29% in 2024, reaching 164,722 metric tons. Other countries, including Georgia and Zambia, also expanded their presence, filling gaps left by Ukraine’s production collapse due to conflict with Russia.

European Producers Struggle to Compete

European manganese alloy producers have faced declining exports amid India's rising market share. France, Slovakia, and Spain saw major drops in silico-manganese exports between 2020 and 2024. France’s exports fell 64%, while Slovakia and Spain recorded declines of 35% and 11%, respectively.

Similarly, EU ferro-manganese exports have weakened. France's shipments fell 28%, while Slovakia’s exports dropped 47%. These declines stem not only from rising Indian competition but also from weaker demand in the EU stainless steel industry.

EU Commission Launches Safeguard Investigation

To protect European manganese and silicon-alloy producers, the European Commission initiated a safeguard investigation on December 19, 2024. Possible outcomes include higher customs duties or import quotas.

European buyers have increased their purchases of Indian manganese alloys in anticipation of potential restrictions, driving Indian manganese alloy prices higher in January. Meanwhile, Norwegian producers, who supply 40% of ferro-manganese and 35% of silico-manganese to Europe, are expected to receive exemptions from trade measures.

India's OMC Increases September Chrome Ore Base Prices

India's OMC

India's state-owned Odisha Mining Corporation (OMC) has raised the base prices of chrome ore at its September auction. The increase comes in response to rising ferro-chrome prices. OMC set the base price for 48-49.99% grade ore from its South Kaliapani mines at 19,743 rupees per tonne ($236.5/t), up from 18,386 rupees per tonne in August. This reflects the upward trend in ferro-chrome prices and the growing demand from producers seeking higher returns through exports. Domestic buyers, however, remain cautious due to high production costs and a sluggish stainless steel market.

Interestingly, OMC is not offering its 50-51.99% grade ore from its Sukrangi mines in September. However, the base price for this grade in August was approximately 20,173 rupees per tonne. The state's trading firm MSTC will manage the sale of 22,400 tonnes of 42-54% grade friable chrome ore from the South Kaliapani and Sukrangi mines on 20 September. This is a drop from the 24,800 tonnes offered at the August auction, likely due to the lower output caused by the monsoon season.

Additionally, MSTC will also offer around 1,300 tonnes of lumps, chips, and fines (30-36% grade) from the Bangur mines on behalf of OMC. Despite these price increases, India's domestic ferro-chrome prices for 60% grade remained stable at 106,000-108,000 rupees per tonne ex-works as of 19 September.

India Launches First Private Military Aircraft Plant in Partnership with Airbus

Tata Advanced Systems

India has officially launched its first private military aircraft manufacturing facility, marking a significant milestone in its defense and aerospace sector. Tata Advanced Systems, in collaboration with Airbus, has unveiled the final assembly line for the Airbus C-295 military transport aircraft in Vadodara, Gujarat. This is a key development under India's “Make in India” initiative, aimed at boosting local defense manufacturing capabilities and reducing dependency on foreign suppliers.

Strategic Milestone for India’s Aerospace Industry

The Tata Aircraft complex, which is the first private plant in India to assemble military aircraft, will produce the Airbus C-295 in collaboration with Airbus Spain. The plant is expected to deliver its first C-295 aircraft by 2026, with more than 85% of the assembly and production of 13,000 components to be completed domestically. Out of the 40 C-295 aircraft planned, 16 will be assembled in Seville, Spain, with six already delivered to the Indian Air Force (IAF).

The C-295 program is part of India's broader efforts to modernize its military equipment. As the largest customer for the Airbus C-295, India plans to purchase a total of 56 aircraft. This move aligns with the Indian government’s ongoing push to encourage private defense manufacturing, a sector that has traditionally been dominated by state-run entities.

Airbus's Expanding Role in India

Airbus, which views India as a critical resource hub, is not only involved in aircraft assembly but is also expanding its footprint in India through the manufacturing of components, engineering development, and maintenance, repair, and operations (MRO) services. The company is investing in various aspects of the Indian aerospace ecosystem, including pilot training and academic partnerships to strengthen local expertise and human resources.

The Tata-Airbus collaboration is a reflection of India's growing role as a key player in the global aerospace and defense industry, with both companies working toward creating a self-sufficient defense manufacturing base within the country.

Hindustan Zinc Metal Production Hits Record High in FY2025

Hindustan Zinc Metal

India’s leading non-ferrous metal producer, Hindustan Zinc, reported record metal production for the financial year ending March 2025. The company achieved 1.095 million tonnes (t) of mined metal output, marking a 1% increase over the previous year. This growth reflects improved ore grades and better mill recovery rates, particularly from the Agucha and Zawar mines.

Refining Output Also Grows

Refined metal output reached 1.052mn t, up 2% year-over-year. Hindustan Zinc refined 827,000t of zinc — a 1% increase — and 225,000t of lead, up 4%. The production gains indicate strong operational efficiency and growing demand in India’s construction and energy sectors.

2026 Outlook Signals Continued Expansion

Looking ahead, Hindustan Zinc aims to produce 1.125mn t of mined metal in the next fiscal year, including zinc, lead, and silver. Therefore, the company’s upward momentum is expected to continue, solidifying its leadership in the global zinc and lead markets. The Hindustan Zinc metal production trend aligns with India’s infrastructure push and resource security strategy.

The Metalnomist Commentary

Hindustan Zinc's consistent production growth reinforces India's strategic position in the global zinc and lead supply chain. As resource nationalism rises, the firm’s stable output and expanding outlook make it a key player to watch.

Vedanta Posts Record-High Metals Output in FY2024-25

Vedanta

Capacity Expansions and Operational Gains Fuel Performance Across Vedanta’s Mining Portfolio

Vedanta Resources reported a record-high metals production for the 2024–25 fiscal year, supported by capacity additions and operational efficiency. The company’s total metals output rose across key commodities including alumina, aluminum, zinc, lead, chrome, and copper.

Vedanta’s Lanjigarh refinery produced 1.97 million tonnes of alumina, up 9% year-on-year, driven by the commissioning of a new expansion train. This aligns with the opening of its 5mn t/yr alumina refinery in Odisha, supported by expanded rail infrastructure, streamlining raw material flow.

However, alumina production declined in the January–March 2025 quarter, dropping to 484,000t from 543,000t due to unplanned supply chain issues, which were later resolved.

Higher Aluminum, Zinc, and Chrome Output Reflect Strategic Execution

Aluminum production increased 2% to 2.42 million tonnes, with stable quarterly output confirming consistency in smelting operations. Zinc and lead production reached 1.05 million tonnes, up 2% owing to higher ore grades and improved mill recovery.

Meanwhile, chrome ore production rose to 250,000 tonnes, supported by enhancements at Ferro Alloys. Ferro-chrome output rose 4% to 83,000 tonnes, aided by the startup of a new furnace in Q4 despite earlier maintenance shutdowns.

Copper cathode production at the Silvassa smelter climbed 6% to 149,000 tonnes, reinforcing Vedanta’s non-ferrous expansion strategy.

Vedanta Reinforces Its Position in India’s Strategic Metals Sector

Vedanta’s diversified growth across base and industrial metals underlines its resilience and capital allocation discipline. From alumina and aluminum to zinc, lead, and copper, Vedanta’s performance bolsters India’s metal self-sufficiency amid volatile global markets.

While supply chain volatility remains a risk, Vedanta’s response capability and investment in infrastructure position it well for further growth. These production highs also contribute to India’s ambition to become a manufacturing and raw material powerhouse.

The Metalnomist Commentary

Vedanta’s year-end performance reflects more than just output—it’s a signal of India’s maturing industrial backbone. With strategic investment in refining and processing infrastructure, Vedanta reinforces its role in a global market seeking stable, diversified supply beyond China. The key challenge ahead will be sustaining momentum amid global pricing shifts and domestic regulatory changes.

India’s JSL Proposes Zero Import Duty on Critical Raw Materials to Strengthen Domestic Steel Industry

Jindal Stainless Steel

Jindal Stainless Steel Calls for Reduced Import Duties on Molybdenum and Other Key Materials

Jindal Stainless Steel (JSL), a major Indian steelmaker, has proposed that the Indian government eliminate import duties on essential raw materials like molybdenum ore. Currently, ferro-molybdenum imports face a 5% duty. The proposal, made by JSL’s managing director, Abhyuday Jindal, comes ahead of India’s budget announcement on February 1 for the 2025-2026 fiscal year. Along with molybdenum ore, JSL recommends maintaining zero duties on other materials such as pure nickel, ferro-nickel, stainless steel scrap, and mild steel.

Boosting India’s Infrastructure and Stainless Steel Production

JSL’s proposal also calls for continued government focus on infrastructure spending, particularly in areas like inland waterways, rail infrastructure, and coastal shipping. This, Jindal argues, will support the stainless steel industry by improving operational efficiency and ensuring competitive raw material prices. Additionally, the Indian Stainless Steel Development Association (ISSDA) supports reducing customs duties on graphite electrodes and charge chrome to zero, which would further enhance industry operations.

However, to protect against cheap stainless steel imports, JSL suggests raising the basic customs duty on stainless steel products to 15% for countries outside of free trade agreements. This measure, JSL believes, would safeguard India’s domestic stainless steel market and contribute to the country’s Viksit Bharat 2047 vision.

Codelco to Supply Copper Concentrate to Adani's Kutch Smelter

Codelco

Codelco Strengthens Presence in India’s Copper Market

Codelco will supply copper concentrate to Adani Group’s new Kutch smelter in Gujarat, marking a major Indo-Chilean trade step. The smelter, commissioned on 28 March, will initially produce 500,000 t/yr of copper. Phase two aims to double that capacity. Codelco views India’s fast-growing economy as a key market for critical metals like copper.

Adani's Kutch Smelter Targets Domestic Demand

Adani’s smelter includes a copper refinery, wire rod unit, acid plant, and precious metals recovery facility. The project supports India's import substitution drive, aiming to meet surging copper demand domestically. All output will serve the Indian market, reflecting the nation’s aggressive infrastructure and energy transition goals.

Codelco and Hindustan Copper Expand Cooperation

Codelco also signed a memorandum of understanding (MoU) with Hindustan Copper for mineral exploration and processing projects. This move signals long-term collaboration between two state-backed mining leaders in resource development. Such partnerships are key to securing reliable metal supply chains amid global geopolitical shifts.

The Metalnomist Commentary

Codelco’s strategic alignment with India’s copper industry reflects the global shift toward bilateral resource security. With India emerging as a copper demand powerhouse, such agreements ensure supply chain resilience and deeper South-South cooperation in critical minerals.

Indian Stainless Steel Sector Faces Headwinds from Imports and Raw Material Volatility

ISSDA

India’s stainless steel sector may face short-term turbulence amid rising imports and fluctuating input costs, says the ISSDA.

Rising Imports and Raw Material Volatility Challenge Growth

The Indian Stainless Steel Development Association (ISSDA) warns that the domestic stainless steel sector could face challenges in early FY2025-26. Volatile prices for nickel and ferro-chrome, coupled with low-cost imports from China and Vietnam, are pressuring Indian producers. According to ISSDA president Rajamani Krishnamurti, these imports threaten local manufacturers’ margins and growth momentum.

However, India’s strong domestic demand and supportive government policies may offer some market stability. Still, the industry remains vulnerable to global supply chain disruptions and raw material dependency, particularly on Indonesian nickel.

Capacity Expansion and Infrastructure Demand Drive Optimism

Despite the headwinds, India’s stainless steel industry remains optimistic for FY2025-26.

The country’s installed capacity of 7.5 million t/yr remains underutilized, with 40% unused, but new investments aim to close this gap. Growth drivers include infrastructure development, urbanization, and Make in India initiatives.

The railways, construction, and public-private infrastructure projects are expected to boost stainless steel consumption. Additionally, renewable energy technologies such as solar panels and wind turbines present promising applications for stainless steel. The sector also sees long-term growth potential from green hydrogen and smart city development projects.

The Metalnomist Commentary

India’s stainless steel sector sits at a crossroads. Structural demand remains intact, but trade dynamics and global price shifts threaten stability. How India balances domestic capacity utilization, import regulation, and supply chain resilience will shape the industry’s mid-term outlook.

Magellan Aerospace Signs MoU for Sand Casting Joint Venture in India

Magellan Aerospace

Partnership with Aequs targets aerospace demand growth and localized metal casting capabilities in South Asia.

Magellan Aerospace, a Canada-based aerospace components manufacturer, has signed a memorandum of understanding (MoU) with Aequs, an Indian aerospace parts producer, to explore a joint venture for establishing a sand casting facility in Karnataka, India.

The proposed plant would be located in the Belagavi Aerospace Cluster, a fast-growing manufacturing hub in southern India. The project aims to support both commercial aerospace and defense sectors, though production capacity and investment figures have not been disclosed.

Sand Casting to Serve Global and Domestic Aerospace Demand

Magellan currently operates sand casting facilities in North America, producing aluminum and magnesium alloy components used in aircraft engines and structural parts. This casting method is ideal for complex aerospace shapes, allowing molten metal to set in sand molds before undergoing machining and finishing.

The collaboration would bring Magellan’s casting expertise to India, while leveraging Aequs’s established capabilities in forging, machining, and structural assemblies. Aequs counts Boeing, Airbus, and Safran among its global customers and has operations in Texas and France, in addition to India.

India’s Aerospace Ambitions Drive Investment in Metals and Manufacturing

This partnership reflects India’s rising importance in the global aerospace supply chain, with Boeing and Airbus forecasting the region’s fastest air traffic growth. India’s government continues to incentivize domestic manufacturing, making it a strategic location for metal-intensive aerospace component production.

In a related development, PTC Industries added titanium ingot capacity in January and announced plans for a titanium sponge facility, reinforcing India's push to become a vertically integrated aerospace metals hub.

As global OEMs seek regional supply resilience, ventures like Magellan-Aequs signal a shift toward localized, high-value manufacturing of critical components.

India’s OMC Raises Chrome Ore Base Prices Amid Limited Supply

Odisha

India’s state-owned Odisha Mining Corporation (OMC) has raised base prices for chrome ore at its October auction due to limited availability. The move reflects ongoing challenges in the ferro-chrome market, exacerbated by high production costs and sluggish demand in the stainless steel sector.

Price Adjustments

OMC set the base price for 48-49.99% grade chrome ore from its South Kaliapani mines at 21,026 rupees per tonne (Rs/t) ($250.2/t) in October, an increase from 19,743 Rs/t at its September auction. The base price for 50-51.99% grade ore from Sukrangi mines was set at 21,902 Rs/t, marking its return to the market after being absent in September’s auction.

Despite the price hikes, trading activity remains muted due to the high production costs and subdued demand in the stainless steel market. Domestic producers are seeking higher returns in the local market, partially driven by elevated freight costs in the export market.

Auction Highlights

On October 18, state-owned trading firm MSTC, on behalf of OMC, will auction:

•  23,500 tonnes of 42-54% grade friable chrome ore from the South Kaliapani and Sukrangi mines (up from 22,400 tonnes in September).
•  1,400 tonnes of 32-36% grade lumps, chips, and fines from Bangur mines.

Stable Ferro-Chrome Prices 

India’s domestic 60% grade ferro-chrome prices remained stable at Rs110,000-111,500 per tonne ex-works as of October 17. However, producers continue to face margin pressures due to high input costs and limited market activity.

Market Context

The increase in OMC’s base prices highlights the supply-demand imbalance in India’s chrome ore market. With limited ore availability and sluggish demand in the stainless steel sector, market participants are keeping a close eye on auction outcomes and price trends.