The weekly Davis Indexes for aluminium EC wire, Tuesday, settled at Rs123,925/mt, down by Rs1,075/mt($14.21/mt) del Delhi consumer and Rs124,000/mt del Mumbai consumer, down by Rs1,000/mt ($13.22/mt).
Prices dropped after Nalco reduced prices by Rs2,600/mt on June 17 from June 11. A change in EC wire prices are expected in the coming days in response to the notice published by Nalco on June 23. The state-owned aluminium producer increased product prices by Rs1,000/mt.
Trades remain thin as manufacturers in a majority of the states are still struggling to resume operations due to the absence of labour.
The weekly Davis Index for aluminium utensil settled at Rs102,983/mt, down by Rs17/mt from Rs103,000/mt del Delhi consumer on weak demand. The weekly Davis Index for aluminium utensil scrap remained unchanged at Rs103,000/mt del Mumbai.
Utensil prices are likely to go up in the near term as manufacturers use primary metal as a raw material along with scrap.
The weekly Davis Index for domestic old cast (Purja/Tense) settled at Rs77,333/mt del Delhi, up by Rs83/mt from Rs77,250/mt as inquiries increased. The index for domestic old cast (Purja/Tense) settled unchanged at Rs78,000/mt del Mumbai from prior week. Near zero trades in the region impacted the prices.
In Gujarat, however, downstream production has started gaining momentum compared to the prior week.
The weekly Davis Index for domestic Taint/Tabor (old sheet) increased by Rs333/mt to settle at Rs92,833/mt del Delhi on bullish demand from alloy manufacturers. The weekly Davis Index for domestic Taint/Tabor (old sheet) settled unchanged at Rs91,000/mt del Mumbai consumer.