The weekly Davis Index for P1020 dropped to Rs132,588/mt ex-works India producer Monday, down by Rs2,333/mt from Rs134,921/mt last Monday. Only one of the three Indian producers, Nalco revised its product prices on May 1, in line with the LME spot aluminium prices.
LME spot aluminium prices settled at $1,440/mt Friday, down by $33/mt from April 24. Downstream industries located in red zone where COVID-19 positive cases continue to surge, will take longer to resume production weighing down demand for primary aluminium.
Industries falling under green zones with fewer COVID-19 cases have already received a nod to resume production. But in absence of demand from the real estate and power sectors, coupled with a shortage of labour, industries are finding it difficult to resume production. Nalco dropped its product prices for the third time on May 1.
Earlier, Nalco had revised its product prices on April 23 from April 17 in line with LME spot aluminium prices. LME spot aluminium prices settled at $1,440/mt on May 1, down by $21.5/mt from $1,461.5/mt on April 22. Balco and Hindalco have kept their prices flat since April 25 and April 17, respectively.
The weekly ADC 12 index settled at Rs135,261/ mt ex-works India producer, down by Rs3,500/ mt from Rs138,761/mt ex-works India producer on prior Monday. The weekly index for CG99.5 settled at Rs132,271/mt ex-works India producer, down by Rs2,334/mt from Rs134,505/ mt ex works India producer, the prior week. The index for EC rod settled at Rs138,760/mt, down by Rs2,333/mt from Rs141,093/mt ex-works India producer the prior week.