Hindustan Zinc cuts sulphuric acid to Rs 36.50/kg, second cut from its August peak

Hindustan Zinc Ltd (HZL) has revised its sulphuric acid (98%) price to Rs 36.50/kg ex-Udaipur with effect from 19 October 2026, down Rs 1.00/kg (2.7%) from Rs 37.50/kg set on 1 September.

It is the second cut in a row. The price peaked at Rs 38.30/kg on 1 August, so it is now Rs 1.80/kg (4.7%) below that high, and back at exactly the level of 15 June 2026.

HZL, a by-product producer from its zinc smelters in Rajasthan, is one of the largest sellers of sulphuric acid in India, so its list price is watched as a benchmark by fertiliser, chemical and metal-processing buyers.

The path so far

IndianPetrochem carries HZL’s ex-Udaipur list price from April 2024. Selected points (Rs/kg):

• 1 Apr 2024: 5.05
• 13 Sep 2024: 8.00
• 1 Dec 2024: 10.10
• 12 Mar 2025: 10.90
• 1 Oct 2025: 13.70
• 8 Jan 2026: 17.50
• 1 Mar 2026: 18.75
• 25 Mar 2026: 23.00
• 6 Apr 2026: 27.50
• 16 Apr 2026: 30.00
• 1 May 2026: 31.00
• 15 Jun 2026: 36.50
• 1 Aug 2026: 38.30 (peak)
• 1 Sep 2026: 37.50
• 19 Oct 2026: 36.50

Three phases stand out. In 2024 the price rose from Rs 5.05/kg to Rs 10.10/kg, with its sharpest step in September. Through 2025 it climbed steadily, by small steps of Rs 0.50–1.00/kg. Then, between 1 March and 1 May 2026, it jumped 65% in two months, from Rs 18.75/kg to Rs 31.00/kg – including a 20% rise in early April alone – and kept rising to the August peak.

Where it stands

Even after two cuts, sulphuric acid at Udaipur costs about 7.2 times what it did in April 2024 (Rs 5.05/kg) and about 2.7 times its level a year ago (Rs 13.70/kg on 1 October 2025).

The cuts are small against the run-up: Rs 1.80/kg off a rise of more than Rs 33/kg since April 2024. For buyers, the signal is that the market has stopped rising, not that it has turned cheap.

What to watch

The next HZL revision will show whether this is a pause at a high plateau or the start of a real correction. Buyers who stocked up during the climb will be watching closely before committing to new volumes.