The weekly Davis Index for ADC 12 gained Rs1,833/mt ($24.68/mt) to settle at Rs177,500/mt ex-works Mumbai producer, while the index for the grade in Delhi settled at Rs172,000/mt ex-works Delhi producer, up by Rs5,333/mt ($71.82/mt).
ADC 12 prices are likely to remain in the upper bracket in the domestic market driven by a rise in offers from China. Secondary manufacturers exporting ADC alloys to China reported increased bookings for August and September deliveries, while deliveries to Japan are also increasing from last week.
The weekly Index for LM6 settled at Rs200,750/mt ex-works Mumbai producer, up by Rs5,083/mt ($68.45/mt). Participants reported slow demand from the domestic downstream industries but shared that demand will rise in the coming days.
The upbeat export market could strengthen prices in the domestic market, said smelters, who reported an improvement in bids from Chinese buyers.
The weekly Davis Index for ADC 12 settled at $2,344/mt cfr China on July 23, up by $12/mt. The weekly Davis Index for ADC 12 cfr Japan settled at $2,386/mt, up by $48/mt from the prior week.
Manufacturers kept asking prices at $2,450/mt cfr Japan port. Some bids were around $2,350-2,360/mt cfr China port levels.