Lead scrap prices in India fell this week, with secondary lead ingot prices down by Rs4,450/mt ($42/mt) in Mumbai; and by Rs3,125/mt in Delhi, as inventories exceeded demand.
Adequate raw material supply has been flowing into the market, mills reported. The Davis Index for lead batteries (drained) settled at Rs84,950/mt ($1,192/mt) del Delhi consumer on Wednesday, down by Rs750/mt from the prior week. Demand for lead scrap improved in January with signs of a revival in the auto sector driving scrap suppliers to increase stock. This in absence of adequate demand pressured the prices. The weekly Davis Index for lead batteries (drained) settled at Rs85,033/mt del Mumbai consumer on Wednesday down by Rs750/mt.
The weekly Davis Index for secondary lead ingots settled at Rs145,000/mt ex-works Mumbai producer, down by Rs4,450/mt. Manufacturers of secondary lead ingots hope for prices to rise in the next few days, as it is pre-summer demand season. Batteries that go into UPS systems and generators need secondary lead ingots and manufacturers of batteries start production ahead of summer months. The weekly Davis Index for secondary lead ingots settled at Rs143,200/mt ex-works Delhi producer, down by Rs3,125/mt.
The three-month official LME lead contract rose by $51/mt on Wednesday from the prior week, on positive news surrounding the US-China trade deal.
($1= Rs71.22)