The daily Davis Index for P1020, Monday, rose by Rs1,834/mt ($24.57/mt) from July 9 to settle at Rs214,955/mt ex-works India producer after Hindalco and Balco increased their product prices on Saturday, July 10. Producers raised prices despite weakness in LME aluminium spot contract.
Responding to the spike in the LME aluminium spot contract, Balco and Hindalco increased their product prices by Rs2,750/mt ($36.85/mt) on July 10.
The LME aluminium spot contracts had dropped by $35/mt to settle at $2,470/mt on July 9 from a day prior.
The daily Davis Index for ADC 12 settled at Rs218,561/mt ex-works India producer, up by Rs1,375/mt, while the index for CG 99.5 gained Rs1,833/mt to settle at Rs214,538/mt ex-works India producer.
The daily Davis Index for EC Rod settled at Rs220,460/mt ex-works India producer, up by Rs1,834/mt.