The daily Davis Index for P1020 on Wednesday dropped by Rs1,166/mt ($15.98/mt) to settle at Rs165,705/mt ex-works India producer after two aluminium producers revised their product prices on Wednesday due to the volatility in spot aluminium prices on LME.
The official LME spot contract settled at $1,958/mt on February 2 from $1,979/mt on January 28 down by $21/mt.
Hindalco and Balco dropped their product prices by Rs1,750/mt ($23.98/mt) on Wednesday. Earlier, both companies had reduced prices by Rs2,250/mt on Jan 29.
The daily Davis Index for ADC 12 settled at Rs169,311/mt ex-works India producer, down by Rs875/mt, while for CG 99.5, the index dropped by Rs1,167/mt to settle at Rs165,288/mt ex-works India producer.
The daily Davis Index for EC Rod settled at Rs171,210/mt ex-works India producer, down by Rs1,166/mt.