ADC 12 prices dropped in India because of weak domestic demand while the price of LM6 gained in Mumbai. As the Lunar New Year celebrations in China will be over on February 12, manufacturers heard new bids for ADC 12 from China at $2,001/mt cfr China port, up by $176/mt from the prior week. Aluminium scrap prices have been weak since last few months.
The weekly Davis Index for ADC 12 settled at Rs145,000/mt, down by Rs1,000/mt ($13.71/mt) ex-works Delhi producer on weak demand. A few producers sold ADC 12 at Rs150,000/mt but not all producers confirmed sales at these levels. Manufacturers are hopeful that the prices may go up after a major auto producer in Northern India declare the latest purchase price for ADC 12 – previously announced price was Rs144,000/mt in Nov 2020.
The three-month contract for aluminium rose by $24.5/mt to settle at $2,012/mt on Feb 5 from $1,987.5/mt on Jan 29. The Old Cast import price dropped by $68/mt to settle at $1,447/mt cfr India port last Friday from the prior week. The Zorba 95/2 cfr India port settled at $1,478/mt, down by$26/mt from prior Friday
In Mumbai,, the weekly Davis Index for ADC 12 settled at Rs155,000/mt ex-works producer, down by Rs1,500/mt. Trades of ADC12 at Rs160,000/mt ex-works Mumbai producer were also reported. Diecasters signed a contract to purchase ADC 12 at Rs156,000/mt in Feb 2021, down from Rs162,000/mt in January. Diecasters exporting auto parts to Europe and the US witnessed weakness in the demand due to fresh COVID-19 lockdowns imposed there.
The weekly Index for LM6 settled at Rs168,500/mt ex-works Mumbai producer, up by Rs500/mt.
($1= Rs72.95)