Prices of ADC 12 prices dropped in Delhi but gained in Mumbai on the back of the subdued demand from the domestic sector despite the marginal drop in the three-month official contract of aluminium from the prior week. Export orders from China and Japan have slowed. Participants expect demand to be weak till March-end.
The weekly Davis Index for ADC 12 cfr China settled at $2,190/mt last Friday from $2,196/mt the preceding week, down $6/mt. The weekly Index for this grade cfr Japan settled at $2,318/mt, down by $57/mt as Japanese traders lowered their bids for ADC 12.
The weekly Index for ADC 12 settled at Rs153,500/mt ex-works Delhi producer on Monday, down by Rs167/mt($2.30/mt) in sync with the LME. A few producers sold ADC 12 at Rs155,000/mt but not traders did not confirm sales at these levels on the back of weak demand.
The LME three-month contract for aluminium dropped by $10/mt to settle at $2,166/mt on March 12.
The weekly Indexes for Zorba 95/2 settled at $1,708/mt cfr India port, up by $8/mt; and for Taint/Tabor rose by $40/mt to settle at $1,650/mt cfr India port. The index for Tense dropped by $30/mt to settled at $1,603/mt cfr India port.
The weekly Davis Index for ADC 12 settled at Ra160,000/mt ex-works Mumbai producer, up by Rs2,000/mt($27.59/mt). Participants in Mumbai reported a drop in domestic demand for auto alloys as financial year-end approaches.
The weekly Index for LM6 settled at Rs174,000/mt ex-works Mumbai producer, down by Rs1000/mt.