ADC 12 alloy prices gained marginally in Delhi but settled unchanged in Mumbai driven by the weak demand for alloys in the domestic market and a drop in the three-month aluminium contract on LME.
Prices of LM6 prices settled unchanged in Mumbai. Japan re-entered the market and Indian manufacturers heard new offers.
Domestic demand for auto alloys continues to remain under pressure as many state governments have extended lockdowns. Many secondary units across India are grappling with a labour shortage and forced to cut production to 60pc.
The weekly Davis Index for ADC 12 cfr China settled at $2,375/mt, up by $87/mt. China has revised its ADC 12 bids to $2,400/mt cfr China over the week. The weekly Davis Index for ADC 12 cfr Japan settled at $2,400/mt from $2,349/mt, up by $51/mt.
In Delhi, the weekly Davis Index for ADC 12 settled at Rs166,333/mt ex-works producer, up by Rs83/mt ($1.13/mt).
In Mumbai, the weekly Davis Index for ADC 12 settled flat at Rs175,500/mt ex-works producer. Domestic demand for auto alloys is low and export orders from Japan are sparse.
The weekly Index for LM6 settled unchanged at Rs193,625/mt ex-works Mumbai producer.
The three-month contract for aluminium dropped by $61/mt to settle at $2,462.5/mt on May 14, from 2,523.5/mt on May 7.