The daily Davis Index for P1020 Monday rose by Rs2,883/mt ($38.34) to Rs141,938/mt ex-works India producer from Rs139,055/mt on Friday, after both Hindalco and Nalco revised product prices on Friday, July 10.
Hindalco and Nalco raised product prices by Rs3,250/mt($43.22/mt) and Rs5,400/mt($71.82/mt), respectively, in line with a spike in on LME aluminium prices. The LME spot aluminium prices rose by $40.5/mt to $1,659.5/mt on July 9 from $1,619/mt a day prior. This is the third consecutive price revision by Hindalco, which had earlier increased prices by Rs1,500/mt and Rs2,000/mt on July 9 and 8, respectively.
Nalco had earlier dropped its product prices on July 8 by Rs2,100/mt ($28/mt) driven by the $5.5/mt drop in the spot aluminium prices on LME on July 7 to $1596.5/mt from $1,602/mt on June 30.
Balco had hiked its product prices by Rs 3,250/mt on July 10 from July 9.
The Davis Index for ADC 12 Monday settled at Rs144,786/mt, up by Rs2,700/mt from Rs142,086/mt ex-works India producer Friday.
The index for CG99.5 Monday settled at Rs141,521/mt, up by Rs2,883/mt from Rs138,638/mt ex-works India producer Friday.
The index for EC rod Monday settled at Rs147,443/mt, up by Rs2,883/mt from Rs144,560/mt ex-works India producer prior Friday.