Offers for all domestic aluminum scrap grades rose in Mumbai and Delhi, following the rise announced in product prices by primary Aluminium producer Nalco. Nalco raised its prices by Rs3,900/mt on July 28 from July 23, on the gain in the three-month LME aluminum contract from the prior week.
Secondary manufacturers are upbeat amid the rising demand for auto alloys from China. Domestic demand continues to remain weak.
Trades picked up in Mumbai as manufacturers witness improved demand from Chinese buyers.
The Davis Index for EC wire Tuesday, settled at Rs197,500/mt del Mumbai consumer, up Rs4,750/mt ($63.96/mt) from the week prior. Manufacturers lowered bids at Rs193,000- 197,000/mt but traders are reluctant to finalize the trades at these levels amid the gain in LME.
The official three-month LME contract settled at $2,628.5/mt on August 2 from $2,508.5/mt on July 26, up by $120/mt.
The weekly Davis Index for Old cast (Purja) for Mumbai, Tuesday, settled at Rs133,600/mt del Mumbai consumer, up Rs2,100/mt from the preceding week and the index for old sheet in Mumbai settled at Rs158,000/mt del consumer, up Rs6,000/mt.
The index for Mumbai’s aluminum utensils settled at Rs160,000/mt del Mumbai consumer from the prior week, up by Rs6,000/mt.
The weekly Davis Index for EC wire, Tuesday, settled at Rs190,500/mt del Delhi consumer, up Rs7,500/mt($101/mt) from the prior week. The Davis Index for aluminum utensils settled at Rs159,000/mt del Delhi consumer, up by Rs8,000/mt from prior Tuesday. Traders state offers for EC wire and utensils were raised in sync with the advancement in the three-month aluminum contract on LME.
The Davis Index for old cast (Purja) settled at Rs132,000/mt del Delhi consumer, up by Rs2,000/mt.
The Davis Index for old sheet in Delhi settled unchanged at Rs145,000/mt del Delhi consumer Tuesday, up by Rs5,000/mt.