The weekly Davis Index for P1020 fell by Rs1,250/mt ($17.38) Monday to settle at Rs138,588/mt ex-works India consumer from Rs139,838/mt. The decline was driven by a $27.5/mt fall in LME spot aluminium prices to $1,677/mt on February 21 from the week prior.
Indian Primary aluminium producers had increased prices of their products on February 13 and February 14, in line with the LME increase. After the recent drop in LME prices, Balco decreased prices of P1020 by Rs2,000/mt to Rs138,000/mt on Feb 18 from Feb 14. Hindalco decreased prices of P1020 by Rs1,750 to Rs138,000/mt on Feb 18 from Feb 14.
Extrusion makers in southern of India witnessed a rise in offshore enquires from Thailand and Malaysia, as China, the world’s largest extrusion supplier is yet to resume full-fledged production.
In other domestic markets, the weekly index for CG99.5 fell to Rs138,155/mt, down by Rs1,250/mt, ex-works Indian producer.
The index for ADC 12 settled at Rs142,761/mt, down by Rs1,000/mt, ex-works Indian producer from the prior week.
The index for EC rod fell to Rs144,026/mt, down by Rs1,250/mt, ex-works Indian producer from the prior week.