The daily Davis Index for P1020 on Tuesday fell by Rs2,583/mt ($35.49/mt) and settled at Rs198,155/mt ex-works India producer after Hindalco revised its product prices downwards on Tuesday from May 20. Earlier Nalco revised its product prices downwards on May 22 from May 19.
Hindalco reduced its product prices by Rs7,750/mt ($106.50/mt) on Tuesday from May 22, driven by the weakness in the LME aluminium spot contract. Earlier Hindalco decreased its product prices by Rs3,500/mt on May 20 from May 15.
The official LME aluminium spot contract settled a $2,305/mt on Monday from $2,402.5/mt on May 19 down by $97.5/mt.
The daily Davis Index for ADC 12 settled flat at Rs203,361/mt ex-works India producer, while the index for CG 99.5 fell by Rs2,583/mt to Rs197,538/mt ex-works India producer. The daily Davis Index for EC Rod settled at Rs203,660/mt ex-works India producer, down by Rs2,583/mt.