The daily Davis Index for P1020 on Monday dropped by Rs1,167/mt ($15.92/mt) to settle at Rs168,471/mt ex-works India producer after Hindalco and Nalco dropped their product prices on Jan 16 in sync with the drop in spot aluminium prices on LME.
The official LME spot contract settled at $1,998.5/mt on Jan 15 from $2,008/mt on Jan 11, down by $9.5/mt.
Hindalco dropped its product prices by Rs1,500/mt ($20.47/mt) on Jan 16 from Jan 12 while Nalco dropped its prices by Rs2,000/mt from Jan 6.
The daily Davis Index for ADC 12 settled at Rs171,711/mt ex-works India producer, down by Rs1,000/mt, while for CG 99.5, the index dropped by Rs1,166/mt to settle at Rs168,055/mt ex-works India producer.
The daily Davis Index for EC Rod settled at Rs173,976/mt from Rs175,143/mt ex-works India producer, down by Rs1,167/mt.