Traders were unwilling to reduce asking prices for Tense, Taint/Tabor, Talk, and Zorba 95/2 despite a $78/mt drop in the three-month aluminium contract on LME in a single day. Buyers, however, lowered bids in sync with the LME decline.
The three-month aluminium contract on LME dropped by $78/mt to settle at $2,450/mt on July 8 from $2,528/mt on July 7. From July 1, the three-month LME aluminium contract on LME fell by $47.5/mt to settle at $2,450/mt on July 8.
Trading was thin with buyers lowering bids and traders refusing to negotiate at those levels. ADC 12 trades with Japan and China showed signs of recovery, but secondary manufacturers claimed demand is not at par with their expectations.
The weekly Davis Index for Zorba 95/2 settled at $1,618/mt cfr India port, up by $4/mt, while that for Zorba 99/3 was at $1,700/mt cif China port, up by $128/mt from the prior week.
In China, stringent checks at Chinese ports and delayed payments have led to limited deals.
The weekly Davis Index for Talk rose by $61/mt to settle at $4,651/mt cfr India port from the prior week. Traders offered material at 50pc of the three-month copper contract on LME, while bids were at 47-48pc of the three-month copper contract on LME.
The weekly for A356 wheels the index settled at $2,163mt cfr India port prior week, down by $22/mt. Participants heard trades of extrusion 95/5 at $1,900-2,000/mt cfr, up from $1,870/mt cfr India port prior week. Deals for clean extrusion trades were at $2,120-2,200/mt from $2,075/mt cfr India prior week.
The weekly index for Taint/Tabor rose by $29/mt to settle at $1,739/mt cfr India port from the prior week, and the index for Tense settled at $1,698/mt cfr India port, up by $28/mt. Participants reported that China has become inactive in the market keeping scrap prices range-bound for over two weeks.
ADC 12 trades
The weekly Davis Index for ADC 12 cfr China settled $2,270/mt cfr China port, up by $60/mt from a week ago.
The weekly index for ADC 12 settled unchanged at $2,300mt cfr Japan from the prior week.