Domestic aluminium prices for EC wire and aluminium utensils rose in Delhi and Mumbai as the LME three-month official contract for aluminium gained from the prior week. The prices for domestic Tense (old cast), Taint/Tabor (old sheet) dropped due to weak demand for auto and secondary alloys.
The LME three-month official contract for aluminium rose to $2,027.5/mt on Feb 8 from $1,982.5/mt on Feb 1, up by $45/mt.
Manufacturers across India witnessed weak demand from the domestic auto sector. Chinese buyers have started approaching Indian manufacturers with new bids for ADC 12 as Lunar New Year festivities will be drawing to end in late-February.
The weekly Davis Index for domestic old cast (Purja/Tense) in Delhi, Monday, settled at Rs113,000/mt del consumer, down by Rs1,000/mt ($13.72/mt) while in Mumbai, the index settled at Rs115,000/mt del consumer, down by Rs3,000/mt. Market participants in Delhi reported slow demand.
The weekly index for domestic Taint/Tabor (old sheet) in Delhi settled at Rs116,500/mt del consumer, down by Rs1,500/mt as a few participants reported shortage of the material. In Mumbai, the weekly index for the grade settled at Rs120,667/mt del consumer, down by Rs833/mt.
The weekly Davis Index for domestic EC wire on Tuesday settled at Rs153,000/mt del Delhi consumer, up by Rs750/mt, and in Mumbai, it rose by Rs 1,500/mt to Rs155,000/mt del consumer.
The weekly Davis Index for aluminium utensil settled at Rs125,667/mt del Delhi consumer up by Rs667/mt while in Mumbai, the index settled at Rs126,000/mt del consumer, up by Rs1,200/mt amidst volatile market.
($1 = Rs72.6)