Domestic aluminium scrap prices spiked in sync with a $39/mt rise in LME aluminium from the prior week.
Alloy manufacturers returned to scrap market post-Diwali market on hopes that the demand for auto alloys would continue till the year-end. Indian manufacturers are optimistic about domestic demand and expect that the export orders from China would continue for the next two months. Some manufacturers reported revision of auto alloys prices by Chinese buyers to $1,800/mt cfr China port up from $1,775/mt over the weekend.
The weekly Davis Index for domestic EC wire Tuesday settled at Rs148,000/mt del Delhi consumer, up by Rs1,000/mt ($13.51/mt) from the prior week. The Davis Index for domestic EC wire Tuesday settled at Rs146,000/mt del Mumbai consumer, up by Rs1,000/mt prior week. The index for the domestic old cast (Purja/Tense) Tuesday rose by Rs3,533/mt from the prior week to settle at Rs108,333/mt del Delhi consumer as traders reported tight supply.
Aluminium scrap prices rose amid the recent spike in LME three-month aluminium contract. Davis Index heard few trades at Rs110,000/mt del Delhi consumer. The weekly Davis Index for the domestic old cast (Purja/ Tense) settled at Rs107,000/mt del Mumbai consumer, up by Rs4,000/mt from the prior week.
The weekly Davis Index for domestic Taint/Tabor (old sheet) settled unchanged at Rs124,250/mt del Delhi consumer up by Rs4,900/mt from the prior week. The weekly Davis Index for domestic Taint/Tabor (old sheet) settled at Rs116,000/mt, del Mumbai consumer, up by Rs6,000/mt on sustained demand
The weekly Davis Index for aluminium utensil settled at Rs123,500/mt, up by Rs5,000/mt from Rs118,500/mt del Delhi consumer from the prior week. The weekly Davis Index for aluminium utensils settled at Rs118,000/mt, up by Rs8,000/mt from Rs110,000/mt del Mumbai consumer
The three-month official contract of aluminium on LME rose by $39/mt to settle at $1,985.5/mt on Nov 23 from $1,946.5/mt on Nov 16.
($1=Rs73.98)