The daily Davis Index for P1020 on Tuesday rose by Rs4,717/mt ($63.23/mt) to Rs163,305/mt ex-works India producer after primary producers Nalco, Balco and Hindalco revised their prices upwards in line with a sharp rise in spot aluminium LME prices. The official LME spot contract settled at $1,933/mt on Monday, up by $98/mt or 5pc since Nov 2.
Nalco on Tuesday raised P1020 prices to Rs167,350/mt ex-India producer, up by Rs4,400/mt from Nov 4.
Balco increased to Rs165,500/mt ex-India producer, up by Rs3,000/mt on Nov 14 after which it has not updated their prices. Hindalco raised their prices by Rs6,750/mt to Rs 164,250/mt ex-India producer on Nov 13 from Nov 3. Hindalco has not updated any price changes since Nov 13.
The daily Davis Indexes for ADC 12 settled at Rs168,811/mt ex-works India producer, up by Rs3,800/mt, and for CG 99.5 was up by Rs4,717/mt to Rs162,888/mt ex-works India producer.
The daily Davis Index for EC Rod settled at Rs168,810/mt ex-works India producer. Market participants expect prices for EC wire to rise further in line with the changes in LME.