Offers for imported aluminium scrap grades like Tally, Talk, 6063 Extrusion dropped cfr India port driven by a $68/mt drop in the three-month LME aluminium contract. The three-month aluminium contract dropped by $68/mt to settle at $2,532/mt on Aug 19 from $2,600/mt on Aug 12. Earlier, the contract gained $11/mt to settle at $2,600/mt on Aug 12 from $2,589/mt on Aug 5.
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. Recently, Japanese automaker Toyota announced a 40pc production cut in September driven by a shortage of semiconductors. Manufacturers in India exporting auto alloys to Japan shared that bids from Japan have fallen from the prior week. Only a few were able to get orders from Japanese counterparts.
The weekly Davis Index for Zorba 95/2 settled at $1,625/mt cfr India port, down by $61/mt; while for Zorba 99/3, the index settled at $1,609/mt cif China port, down by $35/mt. Deals in China were very few due to the stringent checks at Chinese ports. Exporters shared that they witnessed limited buying from importers from other than India.
The weekly Davis Index for Talk lowered by $301/mt to settle at $4,505/mt cfr India port, driven by the weakness in the three-month LME copper contract. The three-month copper contract dropped by $755.5/mt to settle at $8,783.5/mt on August 19 from $9,539/mt on August 12.
The weekly index for 6063 extrusions settled at $2,140/mt cfr India port, down by $88/mt, while for A356 wheels, the index settled at $2,225/mt cfr India port, down by $113/mt. Some deals for clean extrusion were reported at $2,320-2,330/mt, which is down from $2360- 2,400/mt cfr India in the prior week, but not all buyers confirmed these levels.
The weekly Index for Taint/Tabor rose by $15/mt to settle at $1,820/mt cfr India port, and the index for Tense settled $1,788/mt cfr India port, up by $33/mt. Participants reported that cleaner Tense having 0-2pc attachment is available at $1,800-1,830/mt cfr India port. The rise in Taint/Tabor, Tense price 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 $2,375mt cfr China port, up by $12/mt from a week ago.
The weekly Index for ADC 12 cfr Japan settled at $2,450/mt, up by $37/mt. A few manufacturers heard bids from Japan, others shared that the Japanese market is largely silent.