Aluminium import prices in Asia for old cast, Taint/ Tabor rose in anticipation of restricted supply from the US ahead of the winter season. Sources told Davis Index that aluminium import prices also rose with China’s entry in the scrap market from Nov 1.
Indian manufacturers exporting ADC 12 alloys to China and Japan reported having received new enquiries for export orders. The weekly Davis Index for ADC 12 cfr China remained unchanged at $1,775/mt cfr China port from prior week.
Sources told Davis Index that two major shipping companies have lifted the ban on scrap shipments to Hong Kong. Traders shared that they are getting a few enquiries from the southern part of China as several manufacturers would have to lift the scrap unloaded at Hong Kong port. Market participants reported very few imports to China from Hong Kong as Chinese Customs officials are deliberating on the inspection procedure for the scrap loaded earlier in Hong Kong.
Scrap suppliers informed that they are unwilling to sell as per new classification standards and would rather repack unloaded scrap in Hong Kong and at other destinations in South East Asia.
The official three-month aluminium contract settled at $1,896.5/mt, up by $101/mt from $1,795.5/mt on Oct 29.
The weekly Davis Indexes for Taint/Tabor settled at $1,300/mt cfr India port, up by $46/mt, and for Tense settled at $1,310/mt cfr India port, up by $30/mt.
The weekly Davis Indexes for Zorba 95/2 and Zorba 99/3 remained unchanged at $1,290/mt cfr India port, and $1,400/mt cfr China port, respectively.
The weekly Davis Index for ADC 12 cfr Japan settled at $1,850/mt, up by $45/mt. Indians heard ADC 12 offers at $1,790/mt cfr Japan up by $50/mt from the prior week. Chinese manufacturers exported ADC 12 at $1,880/mt cfr Japan port.