The Davis index for Indian domestic aluminium old cast fell by Rs1,000mt ($14.01/mt) to Rs92,000/mt del Delhi consumer on Tuesday.
The weekly index for domestic aluminium old sheet dropped by Rs8,500/mt to Rs93,500/mt del Delhi consumer on Tuesday.
Prices for aluminium old cast and old sheet fell as imports of Tense and Taint/Tabor into India from the US and Europe resumed.
The increased supply of scrap has reduced the waiting period for manufacturers. With no confirmation of new orders from China for ADC12, alloy makers stayed away from booking scrap grades.
Trades of Taint/Tabor also thinned in domestic markets as demand for deox in steel plants fell by 20-30pc in January from the prior year.
In North India, few alloy makers booked Tense with their Chinese counterparts staying with existing orders to be delivered in February despite the coronavirus-related lockdown in China. Other manufacturers adopted a wait-and-watch approach given the China lockdown and weakening exports thereof along with a sluggish domestic demand.
The Davis index for Indian domestic EC wire scrap rose by Rs4,100 to Rs135,000 del Mumbai consumer and the index for aluminium old cast rose and Rs4,000/mt to and Rs93,000 del Mumbai consumer, as demand in the power and auto sectors strengthened.
The weekly index for Indian domestic old sheet scrap rose by Rs250/mt to Rs95,000/mt del Mumbai consumer on healthy demand from alloy makers.
($1= Rs71.34)