Offers for domestic aluminium scrap grades rose in Mumbai and Delhi, despite Nalco reducing primary aluminium product prices. The producer lowered prices by Rs3,400/mt on Aug 6 from July 31, on the drop in the three-month LME aluminium contract from the prior week.
Demand for scrap from secondary manufacturers improved driven by the rising demand for auto alloys from China. Domestic demand for the alloy, however, remains weak.
The Davis Index for EC wire Tuesday settled at Rs195,000/mt del Mumbai consumer, down Rs2,500/mt ($33.59/mt) despite a rise in demand. Some traders quoted Rs198,000/mt del consumer, but buyers did not confirm deals at these levels.
The official three-month LME contract settled at $2,553/mt on Aug 9 from $2,628.5/mt on Aug 2, down by $75.5/mt.
The weekly Davis Index for Old cast (Purja) for Mumbai, Tuesday, settled at Rs134,000/mt del Mumbai consumer, up Rs400/mt and the index for old sheet in Mumbai settled at Rs160,000/mt del consumer, up Rs2,000/mt.
The index for Mumbai’s aluminium utensils settled at Rs162,000/mt del Mumbai consumer from the prior week, up by Rs2,000/mt.
The Davis Index for EC wire, Tuesday, settled at Rs192,333/mt del Delhi consumer, up Rs1,833/mt($24.63/mt) from the prior week. The Davis Index for aluminium utensils settled at Rs160,667/mt del Delhi consumer, up by Rs1,667/mt from prior Tuesday.
The Davis Index for old cast (Purja) settled at Rs137,167/mt del Delhi consumer, up by Rs5,167/mt.
The Davis Index for old sheet in Delhi settled at Rs147,250/mt del Delhi consumer Tuesday, up by Rs2,250/mt.