The weekly Davis Index for P1020 fell by Rs20/mt ($0.27/mt) Monday to settle at Rs138,338/mt ex-works India producer, driven by a $14/mt decline in LME spot aluminium prices.
LME aluminium dropped to $1,663/mt on February 28, from $1,677/mt in the prior week. Subsequently, Balco and Hindalco revised their product prices on Feb 28. Both Indian primary aluminium producers decreased their prices for P1020 to Rs137,500/mt.
Earlier, Balco and Hindalco had increased prices of their products on February 26, in line with the increase in LME aluminium. Spot aluminium prices increased to $1,685/mt on Feb 25 from $1,677/mt on February 21.
Imports of Chinese extrusion products into India are usually priced lower by 10-15pc than those produced domestically. With shipments from China affected amidst the Covid-19 outbreak, Indian extrusion makers have received a spurt of inquiries. Of these, only a few have turned into bookings.
In other domestic markets, the weekly index for CG99.5 settled at Rs137,988/mt ex-works India producer, down by Rs167/mt.
The weekly index for ADC 12 decreased by Rs125/mt and settled at Rs142,636/mt ex-works India producer.
The index for EC rod fell by Rs166/mt to Rs143,860/mt ex-works India producer from the prior week.