Offers for the domestic aluminium scrap grades rose in Mumbai and Delhi, driven by the hike in prices announced by Balco and Hindalco. On Aug 24, the producers increased prices by Rs1,500/mt from Aug 19, in line with the increase in the three-month LME aluminium contract.
The official three-month LME contract settled at $2,532/mt on August 19 down by $94/mt from $2,626/mt prior- Monday but jumped by $57/mt in the last two consecutive sessions to settle at $2,589/mt on August 23 which led to higher scrap offers.
Demand for scrap from secondary manufacturers improved on higher demand for auto alloys domestically and from the overseas market particularly, China.
The weekly Davis Index for EC wire Tuesday settled at Rs204,000/mt del Mumbai consumer, up by Rs1,000/mt ($13.48/mt).
The weekly Davis Index for Old cast (Purja) for Mumbai, Tuesday, settled at Rs139,500/mt del Mumbai consumer, up Rs2,500/mt and the index for old sheet in Mumbai settled at Rs167,000/mt del consumer, up Rs1,000/mt.
The index for aluminium utensils settled at Rs171,000/mt del Mumbai consumer from the prior week, up by Rs1,000/mt.
The weekly Davis Index for EC wire, Tuesday, settled unchanged at Rs197,750/mt del Delhi consumer. The Davis Index for aluminium utensils settled at Rs164,500/mt del Delhi consumer, up by Rs500/mt a week ago.
The weekly Davis Index for old cast (Purja) settled at Rs141,500/mt del Delhi consumer, up by Rs1,500/mt.
The weekly Davis Index for old sheet in Delhi settled at Rs148,750/mt del Delhi consumer Tuesday, up by Rs250/mt.
Few participants in Delhi shared that availability of EC wire and utensil scrap is limited.