ADC 12 alloy prices rose in Delhi and Mumbai supported by the rise in imported aluminium scrap prices. Demand in domestic and export market remains under pressure. China and Japan largely stayed away from importing the alloy as auto production has dipped amid a shortage of semiconductor chips. Domestic demand has been hit by COVID-19 related lockdowns across India. A full lockdown has been imposed in key economic states and labourers are travelling back to their hometowns.
The weekly Davis Index for ADC 12 cfr China settled at $2,193/mt from $2,160 -$2,180/mt on prior Monday. The weekly Index for ADC 12 cfr Japan settled flat at $2,250/mt from the preceding week as Japanese buyers stayed silent.
The weekly Davis Index for ADC 12 settled at Rs160,500/mt, up by Rs2,500/mt ($33.39/mt) ex-works Delhi producer prior Monday. Few producers sold ADC 12 at Rs162,000/mt as well.
The weekly Index for ADC 12 in Mumbai settled at Rs167,667/mt ex-works producer, up by Rs417/mt. Demand is subdued domestic for auto alloys and orders from Japan are absent.
The weekly Index for LM6 settled unchanged at Rs182,000/mt ex-works Mumbai producer.
The three-month contract for aluminium rose by $57/mt to settle at $2,324.5/mt on April 16 from $2,267.5/mt on April 9. In addition to this gain in LME aluminium, the imports were slower though the Indian rupee marginally appreciated against the dollar by 0.18pc to Rs74.87 from Rs75.01 on prior Monday.
The weekly Davis Index for Zorba 95/2 settled at $1,783/mt cfr India port, up by $26/mt. The weekly Index for Taint/Tabor up by $15/mt to settle at $1,722/mt cfr India port while the Index for Tense settled at $1,725/mt, up by $42/mt.