The weekly Davis Index for ADC 12 gained Rs3,790/mt ($51.86/mt) to settle at Rs188,123/mt ex-works Mumbai producer. Domestic ADC 12 prices are likely to remain supported by a spike in silicon metal prices, a slight improvement in local demand, and a rise in exports to China.
While in Delhi, the weekly index for ADC 12 settled unchanged at Rs180,000/mt ex-works producer.
ADC 12 is likely to trade at elevated prices in the domestic market due to improvement in local demand along with increased inquiries from China and Japan. Market participants shared that silicon metal prices have shot to $3,700/mt cfr India port from $3,200/mt last week. The rise in silicon prices has increased the raw material costs for auto alloy makers, who are also facing high freight prices for imported scrap.
Secondary manufacturers exporting ADC alloys to China and Japan reported increased bookings for September shipments. Chinese bids for ADC 12 were heard at $2,600- 2,625/mt cfr China port, up from $2,450-2,480/mt a week ago.
The weekly Index for LM6 settled at Rs218,900/mt ex-works Mumbai producer, up by Rs3,567/mt ($48.81/mt).
($1= Rs73.07)