The daily Davis Index for P1020 on Wednesday dropped by Rs1,167/mt ($16.12/mt) to settle at Rs177,571/mt from Rs178,738/mt ex-works India producer after two Indian aluminium producers revised their product prices on Feb 24 on the back of the volatility in the LME spot aluminium prices. Last week, producers revised prices on Feb 19.
The official LME aluminium spot contract settled at $2,136/mt on Feb 23 from $2,147.5/mt on Feb 18, down $10.5/mt.
Hindalco and Balco dropped their product prices by Rs1,750/mt($24.18/mt) on Feb 24 from Feb 19.
The daily Davis Index for ADC 12 settled at Rs180,861/mt from Rs181,736/mt ex-works India producer prior day, down by Rs875/mt, while for CG 99.5, the index dropped by Rs1,166/mt to settle at Rs177,155/mt from Rs178,321/mt ex-works India producer.
The daily Davis Index for EC Rod settled at Rs183,076/mt from Rs184,243/mt ex-works India producer down by Rs1,167/mt.