The weekly Davis Index for ADC 12 settled at Rs144,833/mt, up by Rs2,833/mt($38.54/mt) from Rs142,000/mt ex-works Delhi producer due to rising prices of raw material as vessel and container shortage from the US and Europe is making it difficult for importers to secure scrap.
The three-month contract for aluminium dropped to $2,025.5/mt on Dec 24, down by $15.5/mt from prior week.
The weekly Davis Index for ADC 12 settled at Rs166,167/mt ($2,260.98/mt) ex-works Mumbai producer, up by Rs10,834/mt. Davis Index heard the trades of ADC12 at Rs170,000/mt ex-Mumbai and Silvassa producer but not all manufacturers confirmed trades at these levels. Diecasters who would sign January contract with manufactures are hopeful that prices may drop on the last working day of December. Auto companies are planning to increase car prices from January onwards, experts believe that this may affect the demand for cars that have shown considerable growth in the last two months.
ADC 12 producers in Western India reported offers for old cast/Tense at $1,500/mt cfr India, up from $1,492/mt cfr India on prior Friday, and Zorba 95/2 at $1,660/mt cfr India, up by $72/mt. Manufacturers in Northern India reported having heard no offers since past few days as scrap yards are off on New Year holidays.
The weekly Index for LM6 settled at Rs175,000/mt ex-works Mumbai producer, up by Rs4,333/mt.
Manufacturers exporting ADC12 to China said that Chinese buyers revised offers to $2,155/mt ,up by $5/mt on prior Friday.
The secondary manufacturers witnessed a dip in domestic demand compared to last two months. Manufacturers are optimistic that demand for ADC 12 will pick up in February and March.