ADC 12 alloy prices rose in Delhi and Mumbai, supported by an increase in imported aluminum scrap prices. But domestic and export demand for alloys remains under pressure. China and Japan largely stayed away from importing the alloy as auto production in most countries has dipped amid a shortage of chips. Domestic demand also has come under pressure amid the Indian government tightening its social distancing measures. There is a possibility of a full lockdown in some key economic states struggling to control the rising tally of new COVID-19 cases.
The weekly Davis Index for ADC 12 cfr China settled at $2,160 -$2,180/mt from $2,200/mt on prior Monday. The weekly Davis Index for ADC 12 cfr Japan settled flat at $2,250/mt.
The weekly Davis Index for ADC 12 settled at Rs158,000/mt, up by Rs1,000/mt($13.33/mt) ex-works Delhi producer prior Monday. Some producers claimed to have sold ADC 12 at Rs156,000/mt ex-works.
The weekly Davis Index for ADC 12 settled at Rs167,250/mt ex-works Mumbai producer prior week, up by Rs3,375/mt. Like in Japan, the domestic demand for auto alloys is also under pressure on a persisting chip shortage.
The weekly Index for LM6 settled at Rs182,000/mt ex-works Mumbai producer, up by Rs2,667/mt.
Aluminum scrap imports slowed as the Indian currency depreciated by 2.30pc to Rs75.01 on Monday from Rs73.32 last week. A rise in LME aluminum prices also impacted prices.
The three-month aluminum contract on LME rose by $31/mt to settle at $2,267.5/mt on April 9 from $2,236.5/mt on April 2.
The weekly Davis Index for Zorba 95/2 settled at $1,757/mt from $1,700/mt cfr India port, up by $57/mt from the prior week. The weekly Davis Index for Taint/Tabor rose by $47/mt to $1,707/mt cfr India port; while that for Tense settled at $1,683/mt cfr India, up by $30/mt from the prior week.
($1= Rs75.01)