Offers for the domestic aluminium scrap grades rose in both, Mumbai and Delhi, driven by the price hikes announced by Balco and Hindalco.
On Aug 28, producers increased prices by Rs2,000/mt from Aug 25, in line with the increase in the three-month LME aluminium contract. The official three-month LME aluminium contract settled at $2,655.5/mt on Aug 27 up by $123.5/mt, from $2,532/mt on Aug 19.
Demand for scrap from secondary manufacturers improved on higher demand for auto alloys domestically and from the overseas markets including China and Japan.
Mumbai
The weekly Davis Index for EC wire on Tuesday settled at Rs210,000/mt del Mumbai consumer, up by Rs6,000/mt ($82/mt). The weekly Davis Index for Old cast (Purja) for Mumbai, Tuesday, settled at Rs145,000/mt del Mumbai consumer, up by Rs5,500/mt and the index for old sheet in Mumbai settled at Rs174,000/mt del consumer, up by Rs7,000/mt. The index for aluminium utensils settled at Rs178,000/mt del Mumbai consumer from the prior week, up by Rs7,000/mt.
Delhi
The weekly Davis Index for EC wire, Tuesday, settled at Rs202,000/mt del Delhi consumer, up by Rs4,250/mt. The weekly Davis Index for aluminium utensils settled at Rs168,500/mt del Delhi consumer, up by Rs4,000/mt. The weekly Davis Index for the old cast (Purja) settled at Rs143,000/mt del Delhi consumer, up by Rs1,500/mt. The weekly Davis Index for old sheet in Delhi settled at Rs150,500/mt del Delhi consumer Tuesday, up by Rs1,750/mt.
($1=Rs73.04)