The daily Davis Index for P1020 Monday dropped by Rs417/mt ($5.66/mt) to settle at Rs146,888/mt ex-works India producer on Aug 24, after Balco decreased product prices by Rs1,250/mt ($16.98/mt) on Sep 11 from Aug 22.
The primary producer revised prices in response to weak demand for primary aluminium and volatility in spot prices on LME. Two other primary producers, Hindalco and Nalco are yet to revise prices in keeping with the fall in LME.
The last price revision was in August when two of the three primary producers decreased product prices in line with changes in the LME. Balco and Hindalco had dropped their product prices by Rs1,750/mt and Rs3,000/mt on Aug 22 from Aug 20 and Aug 21, respectively. Subsequently, both these producers refrained from price revisions despite changes in LME aluminium prices.
LME spot aluminium price rose from $1,722.5/mt on Aug 21 to $1,781.5/mt on Sep 1 before dropping to $1,743.5/mt on Sep 10.
The index for ADC 12, Friday, settled at Rs149,836/mt, down by Rs625/mt from Rs150,461/mt ex-works India producer on Aug 24.
The index for CG99.5 settled at Rs146,471/mt, down by Rs417/mt from Rs146,888/mt ex-works India producer Aug 24.
The index for EC rod settled at Rs152,393/mt down by Rs417/mt from Rs152,810/mt ex-works India producers in the same period.