The weekly Davis Index for P1020 fell by Rs5,226/mt ($68.79/mt) to settle at Rs137,855/mt ex-works India producer on Monday. Prices dropped following a $96.5/mt drop in LME spot aluminium prices to $1580.5/mt on March 20 from March 13. Downstream industries remained shut amid the rising COVID-19 cases in India, impacting demand for primary aluminium.
Primary aluminium producers Balco and Hindalco dropped their P1020 prices by Rs1,750/mt on March 19 from March 18. Hindalco and Balco’s present P1020 price is at Rs139,250/mt. These companies published three consecutive notices from March 17-19, reducing the prices of their products.
Nalco issued a price change notice on March 19, dropping its P1020 prices by Rs4,300/mt to Rs146,250/mt from March 12. LME spot aluminium prices dropped by $25.5/mt to $1602.5/mt on March 18 from March 17.
The weekly index for ADC 12 fell by Rs6,625/mt to settle at Rs140,436/mt ex-works India producer. The weekly index for CG99.5 settled at Rs137,438/mt ex-works India producer, down by Rs5,267/mt.
The index for EC rods dropped by Rs4,777/mt to Rs144,026/mt ex-works India producer from the prior week.