Domestic aluminium prices for EC wire and aluminium utensils rose in Delhi and Mumbai as the LME three-month official contract for aluminium gained from the prior week. However, prices of domestic Tense (old cast) and Taint/Tabor (old sheet) dropped due to weak domestic demand for auto and secondary alloys.
LME three-month official contract for aluminium rose to $2,027.5/mt on Feb 8 from $1,982.5/mt on Feb 1, up by $45/mt.
Manufacturers across India are witnessing weak demand from the domestic auto sector. Chinese buyers have started approaching India with new bids for ADC 12 as their Lunar New Year festivities begin.
In Delhi, the weekly Davis Index for domestic old cast (Purja/Tense) Tuesday settled at Rs113,000/mt, down by Rs1,000/mt ($13.72/mt) del consumer while in Mumbai, the index settled at Rs115,000/mt del consumer, down by Rs3,000/mt. Market participants in Delhi reported slow demand.
The weekly Davis Indexes for domestic Taint/Tabor (old sheet) in Delhi settled at Rs116,500/mt del consumer, down by Rs1,500/mt as few participants reported a shortage of the material; while in Mumbai, it settled at Rs120,667/mt del consumer, down by Rs833/mt.
The weekly Davis Index for domestic EC wire Tuesday settled at Rs153,000/mt del Delhi consumer, up by Rs750/mt while in Mumbai, it was up by Rs1,500/mt to settle at Rs155,000/mt del consumer.
The weekly Davis Index for aluminium utensil settled at Rs125,667/mt del Delhi consumer up by Rs667/mt; and at Rs126,000/mt del Mumbai consumer, up by Rs1,200/mt amidst volatile market.