The daily Davis Index for P1020 on Wednesday dropped by Rs500/mt ($6.89/mt) to settle at Rs181,405/mt ex-works India producer after Balco revised it’s product prices on the back of the volatility in the spot aluminium prices on LME.
The official LME aluminium spot contract settled at $2,174.5/mt from $2,184.5/mt on March 15, down by $10/mt. Consequently, Balco reduced its product prices by Rs1500/mt ($20.68/mt) on Wednesday. Earlier, Balco and Hindalco had increased their product prices by Rs3,500-Rs3,750/mt on March 16.
The daily Davis Index for ADC 12 settled at Rs183,486/mt ex-works India producer, down by Rs750/mt, while for CG 99.5, the index dropped by Rs500/mt to settle at Rs180,988/mt ex-works India producer.
The daily Davis Index for EC Rod settled at Rs186,910/mt from Rs187,410/mt ex-works India producer, down by Rs500/mt.