Aluminum scrap import prices were firm in India for most grades as manufacturers ramped up production to fulfill the domestic demand for auto alloys.
China released its 11th batch of scrap quota last week after which buyers in the country were active for trades. Additionally, South Asian countries were also active in the market.
The weekly Davis Index for 6060 extrusion scrap Friday rose by $10/mt to settle at $1,520/mt cfr India port, while the index for A356 wheels (Troma) settled at $1,480/mt cfr India port, up by $10/mt.
The official three-month aluminium contract settled at $1,766.50/mt on Thursday, down by $15/mt from $1,791.50/mt the prior week.
The weekly Davis Index for Taint/Tabor settled $1,148/mt cfr India port, down by $25/mt from the prior week. Davis Index heard offers at $1,150 -1200 level cfr Kolkata port. The index for Tense settled at $1,098/mt cfr India port, up by $28/mt on sustained demand from alloy manufacturers.
Sale of secondary aluminium ingots to China has reduced amid the release of pent up demand in India. Manufacturers were not ready to export ingots below $1,600/mt cif while Chinese buyers were looking for trades at $1,565/mt cif China level.
Indian manufacturers targetted to sell aluminium alloys at $1,620-30/mt cfr China. But their Chinese counterparts were not keen at those prices. Thus, other South Asian buyers chipped in with lower offers, while Indian manufacturers focussed on the domestic market.
The weekly Davis Index for ADC 12 settled at $1,560/mt cfr China, up by $30/mt from the prior week. Market participants confirmed few trades at this level.