The weekly Davis Index for EC wire rose following an upward revision of primary aluminium prices by Nalco on August 7.
The weekly Davis Index for aluminium EC wire, Tuesday, settled at Rs130,000/mt del Delhi and del Mumbai consumer, up by Rs2,625/mt ($35.14/mt) and Rs2,500/mt, respectively, on sustained demand. Nalco increased its product prices by Rs3,100/mt on August 7 from Aug 1.
The weekly index for domestic old cast (Purja/Tense) rose by Rs2,375/mt ($/mt) to settle at Rs93,375/mt del Delhi consumer and up by Rs3,750/mt($/mt) to settle at Rs90,350/mt del Mumbai consumer.
Prices were supported by an acute shortage of Tense in the market since alloy makers have ramped up production to fulfill the pent up demand from auto manufacturers in India. Tense import prices are likely to go further up in the coming week driven by bullish offers by US and UK yards.
The weekly Davis Indexes for aluminium utensil settled at Rs108,000/mt del Delhi consumer, up by Rs2,000/mt del Delhi consumer and Rs116,000/mt del Mumbai consumer, up by Rs6,000/mt.
Alloy makers in India continued purchases of Taint/ Tabor. Thus, the weekly Davis Index for domestic Taint/Tabor (old sheet) settled at Rs100,000/mt del Delhi and del Mumbai consumers, up by Rs1,750/mt and Rs1,250/mt, respectively.