The weekly Davis Index for ADC 12 settled at Rs113,000/mt ex-works Delhi producer on Monday, up by Rs2,500/mt($33.42/mt) from the prior week driven by increasing demand from auto manufacturers in India.
Market participants reported steady demand from two-wheeler as well as four-wheeler manufacturers across India.
The major auto manufacturer in the North has announced its purchase price for ADC 12 at Rs120,000/mt for July, the prices are likely to go up in August with increasing demand, informed alloy manufacturers. Davis Index heard trades of ADC 12 at Rs111,000/mt ex-works Jaipur producer, but the producers near Delhi did not confirm trades at this level.
The Davis Index for ADC 12 settled at Rs116,875/mt on Monday, ex-works Mumbai producer, up by Rs1,500/mt ($20.05/mt) from the prior week, driven by the increase in the demand from the auto manufacturing plant in eastern Maharashtra. The Weekly Davis Index for LM6 settled at Rs140,250/mt, up by Rs1,250/mt($16.71/mt) ex-works Mumbai producer on the sustained demand from the power sector.
The alloy manufacturers have brought down exports to China after Chinese counterparts refused to revise ADC 12 import rates up from $1,440/mt. Manufacturers shared that they are reluctant to export knowing that domestic demand is on the upswing.