The offers for most of the domestic aluminium scrap grades rose in Mumbai and for a few grades in Delhi, driven by the advancement in the three-month LME aluminium contract from the prior week. Buyers lowered bids, but traders refused to budge on the back of LME gains. Secondary manufacturers are upbeat amid the rising demand for auto alloys from China and Japan for August shipments.
Trades thinned in Mumbai as manufacturers are witnessing weak demand from auto companies despite a rise in the demand from Chinese buyers.
The Davis Index for EC wire stood, Tuesday, settled at Rs192,750/mt del Mumbai consumer, up Rs1,250/mt ($16.78/mt) from the week prior. Participants shared that traders increased offers while buyers lowered bids despite the rise in LME. Trades remained thin as manufacturers are reluctant to purchase scrap at higher prices.
The official three-month LME contract settled at $2,508.5/mt on July 26, up by $62.5/mt from $2,446/mt on July 19.
The weekly Davis Index for Old cast (Purja) for Mumbai, Tuesday, settled at Rs131,500/mt del Mumbai consumer, up Rs2,250/mt from the preceding week and the index for old sheet in Mumbai settled at Rs152,000/mt del consumer, up Rs4,750/mt.
The index for Mumbai’s aluminium utensils settled at Rs154,000/mt del Mumbai consumer from the prior week, up by Rs500/mt.
The weekly Davis Index for EC wire, Tuesday, settled at Rs183,000/mt del Delhi consumer, up Rs2,000/mt($/mt) from the prior week. The Davis Index for aluminium utensils settled at Rs151,000/mt del Delhi consumer, up by Rs2,000/mt from prior Tuesday. Traders reported offers for EC wire and utensils rose up in sync with the advancement in the three-month aluminium contract on LME.
The Davis Index for old cast (Purja) settled unchanged at Rs130,000/mt del Delhi consumer.
The Davis Index for old sheet in Delhi settled unchanged at Rs140,000/mt del Delhi consumer Tuesday.