Aluminium import prices in Asia for Zorba 95/2, Zorba 99/3 and old cast rose on continued demand from the secondary manufacturers. The manufacturers exporting ADC 12 alloys to China did not get new orders as China will be importing scrap from Nov 1, and as a result of these changing dynamics, ADC 12 offers from Japan witnessed a steep drop.
Chinese buyers confirmed that no deals were made with India, Thailand or Malaysian buyers. However, the scrap dealers in other Asian countries shared that meeting Chinese custom standards of purity will be a difficult task and that the situation will be clear only after the first batch of imported scrap reaches Chinese shores.
Indian manufacturers, meanwhile, concentrated on the domestic demand and restricted purchase of old cast as ADC 12 export orders to China thinned out and Japanese buyers offered lower prices.
The official three-month LME aluminium contract settled at $1,795.5/mt down by $44.5/mt from $1,840/mt on Oct 22.
The weekly Davis Indexes for Zorba 95/2 settled at $1,290/mt cfr India port, up by $105/mt, and for Zorba 99/3 settled at $1,400/mt cfr China port, up by $210/mt. Manufacturers shared that Zorba prices spiked as China offered to pay more than Indian participants as per the new scrapping policy.
The weekly Davis Index for Taint/Tabor settled at $1,254/mt cfr India port, down by $31/mt from. The weekly Index for Tense settled at $1,280/mt cfr India port, up by $13/mt.
The weekly Davis Index for ADC 12 cfr China settled at $1,775/mt down by $75/mt and for cfr Japan settled at $1,805/mt, down by $115/mt. India heard ADC 12 offers at $1,730/mt cfr Japan, but manufacturers showed no interest at these levels.