Base metal prices witnessed a sharp rebound in Q2 FY2026 and Q3 FY2026, primarily in aluminium and copper.

The availability of coal from linkage sources stood at a comfortable level in the recent months for non-ferrous players. Further, the rake availability improved gradually in FY2024 and FY2025 from their precariously low levels in FY2023.

Exhibit: Coal linkages (% of total requirement) of various domestic aluminium players*

Source: ICRA Research; *Data for Hindalco is a combination of linkages + captive coal blocks

Note: *Balco – Bharat Aluminium Company Limited, Nalco – National Aluminium Company Limited