India’s Balco and Hindalco reduce primary aluminium prices for the second consecutive day on Friday as LME spot aluminium prices dropped. The daily Davis Index for P1020 Friday fell by Rs1,250/mt ($16.53/mt) to settle at Rs135,221/mt ex-works India producer from Thursday.
Balco and Hindalco reduced prices by Rs2,000/mt and Rs1,750/mt, respectively, on June 26, driven by a drop in LME spot aluminium prices in the past two days. Both aluminium producers had earlier reduced prices by Rs2,000/mt on June 25 after raising them on June 18.
Balco cut P1020 price by Rs2,000/mt to Rs136,750/mt ex-works India producer on Friday from Rs138,750/mt on June 25. Hindalco reduced P1020 price by Rs1,750/mt to Rs135,750/mt ex-works producer from Rs137,500/mt on June 25. The spot aluminium prices dropped by $20.5/mt to $1,543.5/mt on LME on June 25.
Earlier, the state-owned aluminium producer Nalco increased its product prices by Rs1,000/mt effective from June 20. Since then, Nalco has not responded to the changes in LME prices.
The Davis Index for ADC 12 Friday settled at Rs138,836/mt ex-works India producer, down by Rs1,000/mt from Rs139,836/mt ex-works India producer on Thursday.
The index for CG99.5 settled at Rs134,805/mt ex-works India producer Friday, down by Rs1,250/mt from Thursday. The index for EC rod settled at Rs140,060/mt ex-works India producer Friday, down by Rs1,250/mt from Thursday.