The weekly Davis Index for ADC 12 settled at Rs174,000/mt ex-works Mumbai producer, up by Rs1,667/mt ($22.39/mt). The weekly Davis Index for ADC 12 settled at Rs166,250/mt ex-works Delhi producer, down by Rs417/mt($5.60/mt).
Secondary manufacturers exporting ADC alloys to China and Japan reported a rise in bookings for August deliveries.
The weekly Index for LM6 settled unchanged at Rs193,000/mt ex-works Mumbai producer. Participants reported very few deals for the alloy on subdued demand in the power sector due to the ongoing monsoon season.
Production of alloys has resumed in Mumbai and Delhi but the domestic demand remains slow. Manufacturers in North India reported that a major auto company’s purchase for ADC 12 in Q2 2021 is likely to cross Rs171,000/mt level from Rs165,000/mt level in Q1 2021. Manufacturers believe that the domestic auto alloy prices may rise in tandem with the purchase price by the auto major. Participants state that the prices in the domestic market could gain strength driven by a rise in exports and improvement in the bids by Chinese and Japanese buyers.
The weekly Davis Index for ADC 12 settled at $2,292/mt cfr China on July 23, up by $11/mt from the prior week. The weekly Davis Index for ADC 12 cfr Japan settled at $2,317/mt, up by $4/mt from the prior week.
Manufacturers kept asking prices at $2,300/mt cfr China port, but few bids were not above $2,270/mt cfr China port levels.