The daily Davis Index for P1020 on Monday dropped by Rs1,250/mt ($17.23/mt) to settle at Rs179,488/mt ex-works India producer after Balco and Hindalco revised their product prices on March 13 on the back of the volatility in the spot aluminium prices on LME.
The official LME aluminium spot contract settled at $2,139/mt on March 12 from $2,152.5/mt on March 8, down by $13.5/mt. Consequently, Hindalco and Balco reduced product prices by Rs1,750/mt($24.13/mt) and Rs2,000/mt($27.58/mt), respectively, on March 13.
The daily Davis Index for ADC 12 settled at Rs182,361/mt ex-works India producer, down by Rs1,000/mt, while for CG 99.5, the index dropped by Rs1,250/mt to settle at Rs179,071/mt ex-works India producer.
The daily Davis Index for EC Rod settled at Rs184,993/mt from Rs186,243/mt ex-works India producer, a drop of Rs1,250/mt.