Offers for the domestic aluminium scrap grades rose in Mumbai and Delhi, driven by the product price hikes announced by Balco and Hindalco. On Aug 13, the producers increased prices by Rs1,500/mt, up from Aug 11, in line with the increase in three-month LME aluminium contract from the prior week.
Demand for scrap from secondary manufacturers improved driven by the rise in demand for auto alloys from China. Domestic demand for the alloy, however, remains weak.
The Davis Index for EC wire Tuesday settled at Rs203,000/mt del Mumbai consumer, up by Rs8,000/mt ($107.62/mt).
The official three-month LME contract settled at $2,626/mt on Aug 16, up by $73/mt from $2,553/mt on Aug 9.
The weekly Davis Index for Old cast (Purja) for Mumbai, Tuesday, settled at Rs137,000/mt del Mumbai consumer, up Rs3,000/mt and the index for old sheet in Mumbai settled at Rs166,000/mt del consumer, up Rs6,000/mt.
The index for Mumbai’s aluminium utensils settled at Rs170,000/mt del Mumbai consumer from the prior week, up by Rs8,000/mt.
The Davis Index for EC wire, Tuesday, settled at Rs197,750/mt del Delhi consumer, up Rs5,417/mt($72.87/mt) from the prior week. The Davis Index for aluminium utensils settled at Rs164,000/mt del Delhi consumer, up by Rs3,333/mt from prior Tuesday.
The Davis Index for old cast (Purja) settled at Rs140,000/mt del Delhi consumer, up by Rs2,833/mt.
The Davis Index for old sheet in Delhi settled at Rs148,500/mt del Delhi consumer Tuesday, up by Rs1,250/mt.