Prices of ADC 12 dropped in Delhi and Mumbai due to subdued demand from the domestic sector in India despite the marginal gain in the three-month official contract of aluminium from the prior week. The manufacturers reported slow export orders from China and Japan. The weakness in demand is likely to continue till the financial year-end.
The weekly Davis Index for ADC 12 cfr China settled at $2,183/mt, registering a marginal dip from $2,200/mt. The weekly Davis Index for ADC 12 cfr Japan settled at $2,275/mt from $2,300/mt, down by $15/mt as slow demand from Japan has affected purchase of ADC 12.
The weekly Davis Index for ADC 12 settled at Rs153,500/mt ex-works Delhi producer, down by Rs2,000/mt ($27.56/mt) ex-works Delhi producer, in sync with the LME. A few producers sold ADC 12 at Rs154,000/mt but not all traders concurred with this price.
The three-month contract for aluminium rose by $9/mt to settle at $2,235.5/mt on March 25, from $2,226.5/mt on March 18.
The weekly Davis Index for Zorba 95/2 settled at $1,690/mt cfr India port, down by $3/mt. The weekly Davis Index for Taint/Tabor rose by $17/mt to settle at $1,673/mt cfr India port. The Index for Tense settled at $1,614/mt, up by $14/mt.
The weekly Davis Index for ADC 12 ex-works Mumbai producer settled at Rs159,667/mt, down by Rs333/mt. Mumbai witnessed subdued demand for auto alloys as financial year-end approaches.
The weekly Index for LM6 settled unchanged at Rs175,000/mt ex-works Mumbai producer.