The weekly Davis Index for ADC 12 in Delhi fell by Rs500/mt ($6.74/mt) to settle at Rs115,500/mt on weak domestic demand from die-casters located around NCR and Faridabad. The decrease in the prices of silicon, an important raw material used by alloy makers also pulled down the prices. Silicon prices decreased to Rs145,000- 150,000/mt from Rs180,000/mt from the week ago. Large secondary aluminium alloy ingot buyers in northern India continued to purchase ADC12 at Rs119,000/mt, unchanged since couple of weeks ago.
The weekly Davis Index for ADC 12 and LM6 in Mumbai dropped to Rs114,750/mt and Rs142,750/mt, ex works, respectively, despite a rise in prices of Tense scrap by $15/mt to $1,043/mt on Friday from the week ago.
Davis Index received confirmed reports that ship carrying silicon will reach Indian shores on March 12. Alloy makers now hope that easy availability of the metalloid in the domestic markets will widen their profit margins.
In China, intermediate buyers of ADC12 are bidding at $1,450/mt cfr China. Users of ADC 12 are offering $1,520/mt cfr China levels. Indian producers hope that Chinese smelters will ramp up imports of ADC 12 alloys from India driving the prices further up.
($1= Rs74.06)