India’s weekly imported aluminium scrap prices dropped by 2-7pc on the back of 3.7pc fall in the official three-month LME aluminium contract and thinned trading during the 21-day nationwide lockdown.
The Davis Index for Troma settled at $1,329/mt cfr India port, Friday, down by $71/mt or 5pc from a week ago and the index for aluminium 6063 extrusion scrap settled at $1,351/mt cfr India port, down by $82/mt or 6pc.
The weekly index for Zorba 95/2 settled at $846/mt, cfr India port, down by $92/mt or 10pc, fueled by a $20/mt drop in global ferrous scrap prices. The index for Zorba 99/3 settled at $863/mt cif China port, also down by $97/mt or 10pc.
Demand for aluminium scrap from China grew in the past week as Chinese manufacturing activity expanded. China, however, is facing difficulty in receiving scrap and secondary alloys consignments as supplier countries are under lockdowns. The export price of ADC12 also dropped by $40/mt to settle at $1,360/mt fob China due to LME aluminium remaining under pressure and weak demand from Japan’s auto sector.
The official three-month LME aluminium contract settled at $1,482.5/mt, Thursday, down by $57/mt from a week ago, hitting a four-year low.