The Davis Index for P1020 climbed up by Rs2,584/mt($34.04/mt) to settle at Rs 132,305/mt ex-works India producer, from Rs129,721/mt on Monday. Two of the three primary aluminium producers increased prices in line with the rise in LME spot aluminium prices.
Hindalco and Balco revised their product prices on May 22. Balco had earlier dropped prices on May 20 only to raise them twice in a row on May 21 and May 22 in line with the changes in LME spot aluminium prices. Hindalco raised product prices on May 20 and May 22 from May 16.
Balco’s P1020 price was Rs 137,500/mt on May 22, up by Rs2,000/mt from May 21. On May 22, Hindalco raised prices of P1020 by Rs2,250/mt to Rs134,250/mt from May 20.
Nalco, however, is yet to follow suit. The state-owned aluminium producer has kept prices unchanged since May 9. LME spot aluminium prices settled at $1,487/mt Thursday, up by $54.5/mt from prior Friday.
Nalco had earlier dropped prices on April 23 and April 27 in line with LME spot aluminium prices.
Downstream industries are waiting for a clear price direction amid slow global and domestic demand on the back of COVID-19. Many industries are operating at 30-40pc capacity. They also struggled with material delivery delays from primary producers.
The weekly Davis Index for ADC 12 settled at Rs135,211/mt on Friday, up from Rs133,461/mt ex-works India producer on Monday.
The index for CG99.5 settled at Rs131,888/mt ex-works Indian producer, up by Rs817/mt from the prior week. The Index for EC rod settled at Rs138,476/mt ex-works India producer, up by Rs2,583/mt from Monday.