The daily Davis Index for P1020 climbed up by Rs1,250/mt ($16.41/mt) to settle at Rs138,388/mt ex-works India producer on Thursday from Rs137,088/mt on Monday. Two major aluminium producers Balco and Hindalco revised their prices in line with the LME spot aluminium prices, which rose by $17.5/mt to $1,577.5/mt on June 17 from $1,560/mt on June 12.
Balco and Hindalco Thursday increased their prices by Rs2,000/mt and Rs1,750/mt, respectively, from June 13. Balco’s P1020 price rose to Rs140,750/mt from Rs138,750/mt ex-works India producer, up by Rs2,000/mt. Hindalco’s P1020 price rose to Rs139,500/mt ex-works India producer, up by Rs1,750/mt from Rs137,750/mt on June 13. They had earlier reduced their product prices on June 13.
Nalco, the state-run aluminium producer, has not responded to the changes in spot aluminium prices since June 11. Nalco’s hiked its P1020 prices by Rs4,900/mt to Rs141,950/mt on June 11 from June 6.
Primary aluminium price hikes in the domestic market are a cause of concern for downstream manufacturers as it escalates the input cost of their ongoing projects. Manufacturers catering to infrastructural projects said that these changes increase their cost of raw materials as many contracts do not include the cost escalation clause.
The weekly Davis Index for ADC 12 settled at Rs141,636/mt ex-works India producer up by Rs1,000/mt from June 13.
The index for CG99.5 settled at Rs137,921/mt ex-works India producer, up by Rs1,250/mt from Monday. The index for EC rod settled at Rs144,176/mt ex-works India producer up by Rs1,250/mt from Monday.