Imported aluminium scrap trades in India were thin this week. A $68/mt fall in the official three-month LME aluminium contract due to the global spread of COVID-19 added to the negative sentiments.
The Davis Index for imported aluminium scrap 6063 extrusion settled at $1,495/mt cfr India port, Friday, down by $5/mt from a week ago. The index for Troma settled at $1,455/mt cfr India port, down by $25/mt.
A few aluminium scrap sellers have halted activity after incurring losses and now wait for markets to stabilise. They were reluctant to drop prices in line with a fall in LME aluminium. The Davis Index for imported Tense settled at $1,033/mt cfr India port, down by $10/mt from a week ago, and the index for Taint/Tabor settled at $1,035/mt cfr India port, down by $23/mt.
The weekly index for Zorba 95/2 settled at $973/mt cfr India port, down by $5/mt after India’s imported ferrous price also dropped by $5/mt in the past week.
Secondary aluminium alloy producers in India continued to receive lower bids from Chinese ADC 12 buyers. The weekly index for ADC 12 settled at $1,500/mt cfr China port on Friday, up by $3/mt. Indian ADC 12 manufacturers, however, hoped to sell at $1,550/mt.
The official three-month LME aluminium contract settled at $1,658/mt on Thursday, down by 4pc from a week ago and the lowest in 2020.