Domestic aluminium scrap prices for most grades spiked up in sync with a steep rise in LME prices in a week.
Manufacturers increased inquiries for scrap to cater to the alloy demand in the auto sector, which is expecting healthy personal vehicle sales till the year-end.
Alloymakers across India are optimistic about the domestic demand sustaining for the next two months, along with some overseas orders from China. Manufacturers state China has revised prices for auto alloys to $1,920- 1,930/mt cfr China port, from $1,840/mt late last week.
The weekly Davis Index for domestic EC wire, Tuesday, settled at Rs150,000/mt del Delhi consumer, up by Rs2,000/mt ($27.14/mt). While in Mumbai, the index settled at Rs152,000/mt del consumer, up by Rs6,000/mt prior week.
The weekly Davis Index for the domestic old cast (Purja/Tense) settled at Rs110,667/mt del Delhi consumer, up by Rs2,334/mt, amid scarcity in the market. Davis Index heard few trades at Rs113,000/mt del Delhi consumer, but not all participants were willing to trade at these levels.
The weekly Davis Index for the domestic old cast (Purja/ Tense) settled at Rs112,000/mt del Mumbai consumer, up by Rs5,000/mt. Traders held onto their scrap inventories amid expectations of a rise in prices in the coming days. Alloy manufacturers expect prices to go up by Rs5,000/mt in December aided by a rise in primary metal prices on the LME.
The weekly Davis Index for domestic Taint/Tabor (old sheet) settled at Rs125,000/mt del Delhi consumer, up by Rs750/mt. from the prior week. The weekly Davis Index for domestic Taint/Tabor (old sheet) settled at Rs120000/mt, del Mumbai consumer, up by Rs4,000/mt, on the back of sustained demand
The weekly Davis Index for aluminium utensils settled at Rs122,333/mt, down by 1,167/mt from Rs123,500/mt del Delhi consumer. The weekly Davis Index for aluminium utensils settled at Rs116,000/mt, down by Rs2,000/mt from Rs118,000/mt del Mumbai consumer
The three-month official LME aluminium contract rose by $37/mt to settle at $2,2022.5/mt on Nov 30 from $1985.5/mt on Nov 23
($1=Rs73.66/mt)