The weekly Davis Index for ADC 12 settled at Rs129,500/mt, up by Rs667/mt ($9/mt) from Rs128,833/mt ex-works Delhi producer on prior Monday on sustained demand from auto manufacturers as the industry expects sales to maintain uptrend till year-end. Earlier, the industry was speculating that auto sales may drop post-Diwali.
Davis Index also heard ADC 12 trades at Rs131,000/mt ex-works North India producer but not all participants confirmed trades at these rates.
In Mumbai, the weekly index for ADC 12 settled at Rs137,500/mt ex-works producer, down by Rs333/mt ($4.49/mt) as smaller producers and die-casters near Mumbai signed an agreement to pay Rs139,000/mt as per the price contract for November on 45-day payment terms. ADC 12 producers in Western India reported having bought old cast/Tense at $1,310/mt, up by $30/mt from prior week.
The weekly Index for LM6 settled at Rs155,000/mt ex-works Mumbai, up by Rs1,333/mt as some producers raised prices on back of sustained demand.
Manufacturers exporting ADC 12 to China said the buyers increased the prices by $35/mt to $1,775/mt cfr China. The manufacturers are optimistic that the ADC 12 trades with China will continue unaffected in the next two months as the market awaits clarity on scrap standards in China. China had earlier allowed imports of aluminium, copper and brass scrap meeting high standards from November 1.
($1= Rs74.06)