The weekly Davis Index for ADC 12 settled at Rs150,000/mt ex-works Delhi producer, up by Rs500/mt($10.21/mt) on rising prices of raw material as importers struggled to secure scrap from the US and European countries due to the limited availability of vessels and containers.
The three-month contract for aluminium rose by $51.5/mt to $2,032/mt on Jan 8 from $1,980.5/mt on Dec 31.
The weekly Davis Index for ADC 12 settled at Rs166,833/mt ex-works Mumbai producer, up by Rs8,500/mt. Davis Index heard deals of ADC12 at Rs170,000/mt ex-works Mumbai but not all manufacturers confirmed trades at these levels. Diecasters signed contracts to purchase ADC 12 at Rs166,000/mt for January and were hopeful that prices will dip in Dec considering the slow demand for auto alloys compared to October and November. However, prices remained upbeat. Diecasters reported further drop in demand.
ADC 12 producers in Western India reported offers for old cast/Tense at $1,500/mt cfr India, unchanged from prior Friday while Zorba 95/2 was at $1,700/mt cfr India, up by $50/mt from the prior week.
The weekly Index for LM6 settled at Rs175,000/mt, up by Rs2,333/mt from Rs172,667/mt ex-works Mumbai producer..
Secondary manufacturers witnessed drop in domestic demand But are optimistic that demand for ADC 12 will return in February and March. The exporters reported Chinese bids for ADC 12 at $2,150-2,200/mt, unchanged from the prior week. Few manufacturers did not receive fresh offers from Japan, indicating a drop in demand for ADC 12 in the island country.
($1= Rs73.40)