The daily Davis Index for P1020 on Friday dropped by Rs3,000/mt ($40.95/mt) to settle at Rs169,305/mt from Rs172,305/mt ex-works India producer, after two primary producers, Balco and Hindalco, dropped their product prices on Jan 8 in sync with the rise in spot aluminium prices on LME.
The official LME spot contract settled at $2,008/mt on Jan 7, down by $54.5/mt from $2,062.5/mt on Jan 6.
Balco dropped its prices by Rs4,500mt with P1020 now priced at Rs172,750/mt. Hindalco dropped prices by Rs4,500/mt on Jan 8 after raising them Rs3,000/mt on Jan 7. It’s P1020 price is now at Rs170,500/mt.
Nalco has not revised prices on Jan 8.
The daily Davis Index for ADC 12 settled at Rs172,571/mt ex-works India producer, down by Rs2,265/mt, while the index for CG 99.5 dropped by Rs3,000/mt to settle at Rs168,888/mt ex-works India producer.
The daily Davis Index for EC Rod settled at Rs174,810/mt ex-works India producer, down by Rs3,000/mt.
($1=Rs73.24)