The weekly Davis Index for domestic Taint/Tabor (old sheet) settled flat at Rs98,000/mt del Delhi consumer on Tuesday. Domestic prices were unchanged despite a fall in the weekly index for imported Taint/Tabor by $17/mt to $939/mt cfr India on Friday.
The index for domestic old sheet was unchanged at Rs98,500/mt del Mumbai consumer, with no trades reported for the fourth consecutive week. The Indian government on Tuesday announced the extension of the national COVID-19 lock-down till May 3.
The lockdown was meant to end on Tuesday, April 14, however, given the rising number of COVID-19 positive cases across the country, the government announced an extension for another three weeks.
The weekly index for domestic old cast (Purja/Tense) settled unchanged at Rs85,000/mt del Delhi, while the index for imported aluminium old cast fell by $16/mt to $934/mt cfr India on Friday, on weak demand.
The weekly index for aluminium EC wire remained flat at Rs130,000/mt del Delhi and del Mumbai consumer. The index for Indian old cast settled flat at Rs83,750/mt del Mumbai consumer on the absence of demand from domestic alloy producers. The index for aluminium utensil settled unchanged at Rs106,000/mt del Delhi consumer, also on a lack of demand.
The index for aluminium utensils settled flat at Rs103,500/mt del Mumbai consumer. Market participants are reluctant to book imported scrap as it is unclear when markets could reopen.
Also, an additional 14paise depreciation in the Indian rupee took its value to Rs76.24 against the US dollar, from a week ago.