The weekly Davis Index for P1020 rose by Rs4,217/mt ($57.02/mt) to settle at Rs142,555/mt from Rs138,338/mt ex-works India producer, driven by a $24/mt increase in LME spot aluminium prices in a week.
LME aluminium spot prices increased to $1,715/mt on March 5, from $1,663/mt on Feb 28. Primary producers in India, Balco and Hindalco, both raised their primary aluminium prices for three successive days from March 3-5 by a total of Rs 10,000/mt.
Both the producers subsequently dropped their P1020 prices by Rs2,750/mt on March 7 after LME spot aluminium prices declined by $36.5/mt to $1,687/mt on March 6, from March 4.
Nalco issued a price change notice on March 5 increasing its prices of P1020 by 1,600/mt to 148,550/mt from Feb 14. But, despite the drop in LME aluminium prices on March 6, this state-owned integrated aluminium producer did not revise its price.
The weekly index for CG99.5 settled at Rs142,038/mt from Rs137,988/mt ex-works India producer, up by R4,050/mt.The weekly index for ADC 12 increased by Rs3,425/mt and settled at Rs146,061/mt from Rs142,636/mt ex-works India producer. The index for EC rod increased by Rs4,200/mt to Rs148,060/mt ex-works Indian producer from the prior week.