Domestic aluminium prices for most scrap grades dropped in sync with the drop in prices on LME on sustained demand from auto alloy manufacturers in Western India, barring old cast (Purja/Tense) del Mumbai consumer.
Alloy manufacturers and traders feel that the demand would remain stable till Diwali (mid-Nov) but traders are not sure about the prospective demand post-Diwali. Manufacturers across India are optimistic that the export orders from China would continue for next two months even though the country has allowed import of high-grade aluminium and copper scrap from November 1. Some manufacturers reported slowing down of demand for auto alloys from Japan.
The weekly Davis Index for the domestic old cast (Purja/Tense) Tuesday settled unchanged at Rs104,750/mt del Delhi consumer and at Rs103,000/mt del Mumbai consumer, up by Rs1,500/mt($20.34/mt).
The weekly Davis Index for domestic Taint/Tabor (old sheet) settled at Rs112,250/mt del Delhi consumer, down by Rs750/mt. Davis index heard Taint/Tabor with 0 per cent attachment available at Rs114,000/mt in NCR area and but traders in other areas did not confirm trades at this level. The weekly Davis Index for domestic Taint/Tabor (old sheet) settled unchanged at Rs110,000/mt del Mumbai consumer on sustained demand.
The weekly Davis Index for aluminium utensil settled at Rs113,500/mt del Delhi consumer, down by Rs1,500/mt; and Rs112,000/mt del Mumbai consumer, down by Rs1,000/mt.
The three-month official contract of aluminium on LME rose by $12/mt to settle at $1,859/mt on October 19 from $1,847/mt on October 12.