India’s weekly imported aluminium scrap prices traded flat, despite a 3pc increase in the official three-month LME aluminium contract, as downstream demand remained subdued.
The Davis Index for 6063 aluminium extrusion scrap and Troma settled at $1,268/mt cfr India port and $1,200/mt cfr India port, respectively, unchanged from a week ago. The weekly index for Taint/Tabor dropped by $12/mt to settle at $888/mt. Unlike copper, aluminium has not shown signs of recovery in the past few weeks. Despite low demand, sellers are finding it difficult to lower offers for aluminium scrap as they need to maintain profitability, while buyers are struggling with liquidity issues and are unable to meet offer prices.
The weekly index for ADC12 settled at $1,450/mt fob China, up by $50/mt and at $1,403/mt cfr China, Friday, up by $30/mt on increased demand after operational activity increased in China and Japan.
The official three-month LME aluminium contract settled at $1,514/mt, Thursday, up by $45/mt from a week ago.