Most sellers were under pressure to reduce offers for domestic aluminium scrap grades in Delhi and Mumbai on subdued demand and low offers for secondary alloys from overseas customers.
Looking for liquidity as the market resumed functioning after almost two months, traders dropped offers to attract manufacturers to buy scrap. This, despite a rise in the three-month aluminium contract on LME.
The official three-month LME aluminum contract settled at $2,478/mt on June 14, from $2,418.5/mt on June 7, up by $59.5/mt.
The weekly Davis Index for the old sheet in Delhi settled at Rs143,500/mt del consumers, down by Rs2,500/mt. Few participants bids at Rs140,000-142,000/mt, but sellers resisted these levels.
The weekly Davis Index for EC wire settled at Rs180,500/mt del consumer, down by Rs1,500/mt ($20.45/mt).
Secondary manufacturers in Eastern India reported a shortage of scrap and elevated offers for old cast (Purja).
The weekly Davis Index for old cast (Purja) settled at Rs131,500/mt del Delhi consumer, down by Rs6,167/mt driven by weak demand from units exporting auto alloys to China and Korea.
The weekly Davis Index for aluminium utensils settled at Rs148,500/mt from Rs149,333/mt del Delhi consumer, down by Rs833/mt.
The weekly Davis Index for EC wire stood at Rs180,000/mt del Mumbai consumer, down by Rs400/mt on the back of weak demand from secondary manufacturers due to unavailability of workforce and production cuts.
The weekly indexes for Old cast (Purja) for Mumbai settled Rs132,000/mt del consumer, down by Rs1,500/mt and for Old sheet, settled flat at Rs142,000/mt del consumer.
The weekly index for aluminium utensils on Tuesday settled at Rs142,000/mt, down by Rs6,000/mt del Mumbai consumer.