The weekly index for P1020 dropped to Rs134,921/mt ex-works India producer, on Monday, down by Rs167/mt from Rs135,088/mt.
Two of the three Indian producers, Nalco and Balco, revised product prices on April 23 and April 25, respectively, in line with the LME spot aluminium prices. LME spot aluminium prices settled at $1,473/mt Friday, down by $9.5/mt from April 17.
The downstream industries located in the red zones – areas with high COVID-19 positive cases – will take longer to resume production, affecting demand for primary metal. Industries in the green zones – low number of COVID-19 cases – have received the green signal to resume production, but due to absence of labour, those industries too, are yet to start production.
Balco’s present P1020 price is at Rs134,500/mt up by Rs1,500/mt from April 21. LME spot aluminium prices climbed by $21.5/mt to $1,473/mt on April 24 from April 20.
State aluminium producer Nalco, on the other hand, dropped its product prices for the second time on April 23, from April 17 after LME spot aluminium prices settled at $1,461.5/mt on April 22, down by $14.5/mt from $1,476/mt on April 16. Hindalco has not revised its prices since April 17.
The weekly ADC 12 index settled at Rs138,761/mt ex-works India producer, up by Rs1,625/mt from the prior week. The weekly index for CG99.5 settled at Rs134,505/mt up by Rs1,017/mt ex works India producer.
The index for EC rod settled at Rs141,093/mt ex-works India producer, up by Rs917/mt from the prior week.