Offers for imported aluminium scrap grades including Tally, Talk, 6063 Extrusion, cfr India port increased driven by the uptick in the three-month LME aluminium contract. The three-month aluminium contract rose by $91/mt $2,705.5/mt on Sept 2 from $2,614.5/mt on Aug 26. In the prior week, the three-month LME aluminium contract dropped by $82.5/mt to settle at $2,614.5/mt on Aug 26 from $2,532/mt on Aug 19.
ADC 12 deals with China improved as Indian smelters accepted offers that were revised upwards. But buyers in Japan limited their purchases of ADC 12 amid cuts in auto production. Manufacturers in India exporting auto alloys to Japan shared that only a few were able to get orders from Japan.
The weekly Davis Index for Zorba 95/2 settled at $1,813/mt cfr India port, down by $12/mt; while for Zorba 99/3, the index settled at $1,850/mt cif China port, down by $13/mt. Exports to China are picking up despite stringent checks at Chinese ports.
The weekly Davis Index for Talk increased by $96/mt to settle at $4,869/mt cfr India port, driven by the rise in the three-month LME copper contract. The three-month copper contract rose by $39/mt $9,354.5/mt on Sept 2 from $9,315.5/mt on Aug 26. In the earlier week, the three-month copper contract rose by $532mt to $9,315.5/mt on Aug 26 from $8,783.5/mt on Aug 19.
The weekly index for 6063 extrusions settled at $2,273/mt cfr India port, up by $132/mt, while the index for A356 wheels settled at $2,476/mt cfr India port, up by $58/mt.
The weekly Index for Taint/Tabor rose by $74/mt to settle at $1,937/mt cfr India port, and the index for Tense settled $1,852/mt cfr India port, up by $71/mt.
Participants reported that cleaner Tense having 0-2pc attachment is available at $1,855/mt cfr India port. The rise in Taint/Tabor is driven by a revival in export demand for August and September orders.
ADC 12 trades
The weekly Davis Index for ADC 12 cfr China settled at $2,560/mt cfr China port, up by $122/mt from a week ago.
The weekly Index for ADC 12 cfr Japan settled at $2,573/mt from the prior week, up by $123/mt. A few manufacturers heard bids from Japan, others shared that the Japanese market is largely silent.