The weekly Davis Index for ADC 12 settled at R138,000/mt, up by Rs3,500/mt($47.32/mt) from Rs135,000/mt ex-works Delhi producer on prior Monday due to rising prices of raw material.
The importers of aluminium scrap grades struggled to secure scrap material from the US and European countries due to the limited availability of vessels and containers. Market participants expect the prices for secondary alloys to go up in this month due to the upswing in the prices of metal on LME.
Davis Index also heard that the die-casters purchased ABC 12 at Rs144,000/mt delivered Delhi consumer but no producers confirmed trades at these rates.
The weekly Davis Index for ADC 12 settled at Rs145,833/mt($1,945.01/mt) ex-works Mumbai producer. Davis Index heard that die-casters have signed monthly a contract at Rs144,000/mt for December, up by Rs5,000/mt from November, on a 45-days payment term, but not all manufacturers in Western India traded at these levels.
ADC 12 producers in Western India reported having bought old cast/Tense at $1,444/mt cfr India, up by $94/mt; and Zorba 95/2 at $1,535/mt cfr India, up by $135/mt from the prior week.
The weekly Index for LM6 settled at Rs161,000/mt ex-works Mumbai producer, up by Rs667/mt.
Manufacturers exporting ADC12 said that Chinese buyers have revised offers to $1,950/mt cfr China on Monday, up by $10/mt from prior Friday.
The secondary manufacturers reported that domestic demand is slowing down in December compared to the last two months. Manufacturers are optimistic that demand for ADC 12 will again pick-up in February and March.