The weekly Davis Index for P1020 rose by Rs1,750/mt ($24.51) Monday to settle at Rs139,838/mt ex-works India consumer, from Rs138,088/mt the week prior. The price increase was driven by an $11/mt rise in LME spot aluminium prices to $1,704/mt on February 14.
Domestic extrusion makers hope for a spurt in export demand in the near term. Although China, the world’s largest extrusion supplier has started resuming production, Indian producers believe their Chinese counterparts may not be able to meet global extrusion requirement for March. Indian extrusion makers are thus hopeful of filling this void. In Indian domestic markets, demand from Office Equipment Manufacturers (OEM) remained healthy.
Primary aluminium producers increased prices of products on February 13 and February 14, in line with the LME increase.
Balco increased prices of P1020 by Rs 1,7500/mt to Rs140,000/mt on February 13, from Rs138,250/mt on February 5.
Hindalco increased prices of P1020 by Rs,2,000/mt to Rs139,750/mt on February 13, from Rs137,750/mt on February 5.
In other domestic markets, the weekly index for CG99.5 rose to Rs139,405, up by Rs1,740/mt, ex-works Indian producer.
The index for ADC 12 settled at Rs143,761/mt, up by Rs1,625/mt from the prior week.
The index for EC rod rose by Rs1,750/mt and settled at Rs145,276/mt.
($1= Rs71.39)