The weekly Davis Index for ADC 12 settled at R135,000/mt ex-works Delhi producer, up by Rs5,000/mt ($67.58/mt) due to continued demand for auto alloys as manufacturing units reopened after the Diwali break. Market participants expect prices for auto alloys to go up in the next month on the back of rise LME prices. The demand from auto manufacturers is expected to continue till year-end. Davis Index also heard ADC 12 trades at Rs132,000/mt ex-works Kolkata producer but not all participants confirmed trades at these rates.
The weekly Davis Index for ADC 12 settled at Rs142,167/mt($1,922.49/mt) ex-works Mumbai producer, up by Rs2,667/mt. Davis Index heard that die-casters have signed monthly contract at Rs144,000/mt for December, up by Rs5,000/mt from November on 45 days payment-term.
ADC 12 producers in Western India reported having bought old cast/Tense at $1,350/mt, same as last week.
The weekly Index for LM6 settled at Rs160,333/mt ex-works Mumbai producer, up by Rs1,833/mt.
Manufacturers exporting ADC12 said Chinese buyers revised offers to $1,920/mt on Monday, an increase of $80/mt from $1,840/mt cfr China from prior Friday. The manufacturers are optimistic that the ADC 12 trades with China will continue for the next two months as the market awaits clarity on scrap standards in China. Manufacturers in Mumbai earlier showed no inclination in striking deals with China as domestic prices remain lucrative in the western part of India.
($1= Rs73.94)