Indian domestic aluminium scrap prices remained flat on Tuesday. No trades were reported as markets across India remained closed. The central and state governments have announced lockdown to contain rising number of COVID-19 cases.
The weekly Davis Index for domestic Taint/Tabor (old sheet) Tuesday settled flat at Rs98,000/mt del Delhi consumer and the index for imported Taint/Tabor dropped by $59/mt to $976/mt cfr India on Friday. The index for domestic old sheet was unchanged at Rs98,500/mt del Mumbai consumer, with no trades in the market.
The weekly index for domestic old cast (Purja/Tense) settled unchanged at Rs85,000/mt del Delhi from the prior week, while the index for imported aluminium old cast fell by $53/mt to $1,033/mt cfr India on Friday on weak demand.
The weekly index for aluminium EC wire remained flat at Rs130,000/mt del Delhi consumer and del Mumbai consumer. The index for Indian old cast settled unchanged at Rs83,750/mt del Mumbai consumer on the absence of demand from domestic alloy producers.
The index for aluminium utensil settled unchanged at Rs106,000/mt del Delhi consumer, also on a lack of demand. The index for aluminium utensils settled flat at Rs103,500/mt del Mumbai consumer.
Market participants are reluctant to book imported scrap as it is unclear when markets could reopen and continued depreciation of Indian rupee against USD. An additional Rs1.78 depreciation in Indian currency took its value to Rs76.18 against one US dollar from a week ago.
($1= Rs76.10)