Driven by weak domestic demand, ADC 12 alloy prices settled unchanged in Delhi and Mumbai. But a gain in export prices and rise in the three-month aluminium contract on LME kept prices from falling. In Mumbai, LM6 prices gained marginally. With auto production in Japan hit due to shortage of semiconductor chips, orders for ADC 12 alloy were silent. Domestic demand for auto alloys continues to remain under pressure amid due to lockdowns. Many secondary units across India are struggling with labour shortage and are forced to cut production by up to 60pc.
The weekly Davis Index for ADC 12 cfr China settled at $2,288/mt, up by $68/mt from $2,220/mt. A few manufacturers in North India stated that China has revised ADC 12 bids to $2,325/mt cfr China.
The weekly Davis Index for ADC 12 settled unchanged in Delhi and Mumbai at Rs166,250/mt and 175,500/mt ex-works producer, respectively.
The weekly Index for LM6 settled at Rs193,625/mt from Rs193,500/mt ex-works Mumbai producer, up by Rs125/mt ($1.70/mt)
The three-month LME contract for aluminium rose by $85.5/mt to settle at $2,523.5/mt on May 7, from $2,438/mt April 30.