India’s weekly imported aluminium scrap prices remained flat amid a weakening market, as spreads widened by 3pc and the LME aluminium futures contract rose by 3.7pc from a week ago.
The Davis Index for 6063 aluminium extrusion scrap remained unchanged at $1,300/mt cfr India port, Friday, from a week ago. The weekly index of A356 wheels (Troma) also remained flat at $1,290/mt cfr India port. There were no signs of a jump in downstream demand as majority automakers faced possibilities of shutdowns due to COVID-19 positiva cases among their staff.
The weekly index for ADC12 cfr China port settled at $1,416/mt, Friday, up by $19/mt. Indian secondary alloy manufacturers refrained from taking new bookings from China due to political tensions between the two countries. China, however, continued to buy majorly from ASEAN countries.
The official three-month LME aluminium contract settled at $1,563.5/mt, Thursday, up by $58/mt from a week ago.