The daily Davis Index for P1020 on Tuesday dropped by Rs833/mt ($11.41/mt) to settle at Rs180,738/mt ex-works India producer after primary producers Balco and Hindalco revised their prices on the back of the volatility in the spot aluminium prices on LME.
The official LME aluminium spot contract settled at $2,152.5/mt on March 8, down by $32.5/mt from March 5. Therefore, Hindalco and Balco reduced their product prices by Rs2,000/mt ($27.41/mt) on March 9.
The daily Davis Index for ADC 12 settled at Rs183,361/mt ex-works India producer, down by Rs1,000/mt, while for CG 99.5, the index dropped by Rs834/mt to settle at Rs180,321/mt ex-works India producer.
The daily Davis Index for EC Rod settled at Rs186,243/mt from Rs187,076/mt ex-works India producer, down by Rs833/mt.