The weekly Davis Index for ADC 12 settled at Rs175,667/mt ex-works Mumbai producer, up by Rs1,667/mt ($22.41/mt). The weekly Davis Index for ADC 12 settled at Rs166,667/mt ex-works Delhi producer, up by Rs417/mt($5.60/mt). ADC 12 prices are likely to gain strength in the domestic market driven by a rise in offers from China.
Secondary manufacturers exporting ADC alloys to China reported increased bookings for August deliveries, while deliveries to Japan slowed down from last week.
The weekly Index for LM6 settled at Rs195,667/mt ex-works Mumbai producer, up by Rs2,667/mt. Participants reported slow demand from the domestic downstream industries but shared that demand will boost in the coming days.
Manufacturers in North India reported that a major auto company’s purchase price for ADC 12 in Q2 2021 is likely to cross Rs171,000/mt level from Rs165,000/mt in Q1 2021. Manufacturers believe that the domestic auto alloy prices may rise in tandem with the purchase price by the auto major. Participants state that the prices in the domestic market could gain strength driven by a rise in exports and improvement in the bids by Chinese buyers.
The weekly Davis Index for ADC 12 settled at $2,332/mt cfr China on July 23, up by $40/mt. The weekly Davis Index for ADC 12 cfr Japan settled at $2,338/mt, up by $21/mt from the prior week.
Manufacturers kept asking prices at $2,350/mt cfr China port, but few bids were not above $2,320-2,325/mt cfr China port levels.