Asia aluminium import prices for Old Cast, Taint/ Tabor, Zorba 95/2 rose as Chinese participants raised bids for cleaner scrap.
Suppliers have informed that they are unwilling to sell scrap as per new classification standards in China and would rather ship to other South East Asian destinations. Also, supplies from many European countries have reduced due to lockdowns amid the second wave of COVID-19 infections.
The official three-month aluminium contract settled at $1,923.5/mt on Oct 11, up by $27/mt from $1,896.5/mt on Nov 5.
The weekly Davis Index for Taint/Tabor settled at $1,318/mt, up by $18/mt from $1,300/mt cfr India port from the prior week. The Index for Tense settled at $1,325/mt, up by $15/mt from $1,280/mt cfr India port on Oct 30.
The weekly Davis Index for Zorba 95/2 settled at $1,350/mt cfr India port, up by $60/mt from the prior week. The weekly Davis Index for Zorba 99/3 settled at $1,410/mt cfr China port, up by $10/mt from prior week. Market participants shared that Chinese buyers are offering $50-60/mt more than Indian buyers for cleaner materials.
Indian manufacturers exporting ADC 12 continued to get new enquiries for export orders from China and Japan. However, manufacturers preferred domestic sales as prices touched $1,830/mt levels in Mumbai and surrounding areas. The weekly Davis Index for ADC 12 cfr China settled flat at $1,775/mt cfr China port from the prior week.
The weekly Davis Index for ADC 12 cfr Japan settled unchanged at $1,850/mt, up by $45/mt from $1,805/mt the prior week. Indian traders heard ADC 12 offers at $1,800/mt. Chinese manufacturers exported ADC 12 at $1,900/mt cfr Japan port.