Domestic aluminium prices in Delhi and Mumbai were flat to up across grades with EC wire, and old cast rising the most despite the marginal rise in the LME three-month official contract for aluminium. The three-month aluminium contract gained $4/mt from the prior week and settled at $2,165.5/mt on Monday.
Domestic demand remained slow but exporters of second alloys remained optimistic, which led to the continuation of some scrap orders from secondary manufacturers.
The weekly Davis Index for the domestic old cast (Purja/Tense) Tuesday settled at Rs123,000/mt del Delhi consumer, up by Rs2,833/mt ($38.61/mt) while in Mumbai, the grade’s weekly Davis Index settled at Rs122,000/mt del consumer, up by Rs3,500/mt. Market participants in Mumbai reported a surge in export orders and slow demand from domestic downstream industries.
The weekly Davis Index for domestic Taint/Tabor (old sheet) settled at Rs126,250/mt del Delhi consumer, up by Rs3,250/mt in sync with the advancement in LME. In Mumbai, the weekly Index for domestic Taint/Tabor (old sheet) settled unchanged at Rs126,000/mt del consumer. LME aluminium contract’s marginal gain has resulted in offers being held firm in Mumbai.
The weekly Davis Index for domestic EC wire settled at Rs162,000/mt del Delhi consumer, an increase of Rs2,000/mt while for Mumbai it settled at Rs165,000/mt del consumer, up by Rs2,667/mt.
In Delhi, the weekly Index for aluminium utensils settled at Rs133,333/mt del consumer, up by Rs2,666/mt while in Mumbai, the index for the same rose to Rs129,500/mt del consumer by Rs167/mt on slow demand. Market participants are unsure about the price direction as it is in sync with the three-month official contract for aluminium.
($1 = Rs73.36)