Domestic aluminium prices for most scrap grades remained unchanged despite a marginal rise in prices on LME from the prior week.
The three-month official contract of aluminium on LME dropped by $2/mt to settle at $1,839.5/mt on Nov 2 from $1,837.5/mt on October 26.
Alloy manufacturers are optimistic that the demand for auto alloys will hold till the end of the year, however, scrap traders did not witness the same optimism regarding the purchase orders for post-Diwali season. Manufacturers are optimistic that export to China would continue for the next two months while some reported China revising the price of auto alloys to $1,740/mt cfr China port, up from $1,725/mt over the last weekend.
The weekly Davis Index for domestic EC wire on Tuesday settled unchanged at Rs141,000/mt del Delhi consumer while for Mumbai consumers, it rose by Rs2,000/mt ($26.88/mt) and settled at Rs145,000/mt.
The weekly Davis Index for domestic old cast (Purja/Tense) on Tuesday remained unchanged at Rs104,750/mt del Delhi consumer on the sustained demand from the alloy manufacturers. Davis Index heard few trades at Rs106,000-107,000/mt del Delhi consumer but not all participants trade at these levels. The weekly Davis Index for the domestic old cast (Purja/ Tense) also remained unchanged at Rs103,000/mt del Mumbai consumer.
The weekly Davis Indexes for domestic Taint/Tabor (old sheet) was flat at Rs113,000/mt del Delhi consumer and Rs110,000/mt, del Mumbai consumer. Davis index heard Taint/Tabor with 0 per cent attachment is available at Rs113,000- Rs115,000/mt in NCR area and but traders in other areas did not confirm the trades at this level.
The weekly Davis Indexes for aluminium utensil settled at Rs115,000/mt del Delhi consumer, up by Rs1,500/mt, and for del Mumbai consumer settled at Rs113,000/mt, up by Rs1,000/mt.