Indian domestic aluminium scrap prices remained flat on Tuesday. No trades were reported as markets across India remained closed. The central government-mandated lockdown will continue to be in effect till April 14.
In seaborne trades, the Indian government’s advisory to shipping lines and airline companies to waive off detention and demurrage charges has provided a respite to traders.
The weekly Davis Index for domestic Taint/Tabor (old sheet) Tuesday settled unchanged at Rs98,000/mt del Delhi consumer and the index for imported Taint/Tabor dropped by $15/mt to $961/mt cfr India on Friday. The index for domestic old sheet was unchanged at Rs98,500/mt del Mumbai consumer, with no trades in the market.
The weekly index for domestic old cast (Purja/Tense) settled unchanged at Rs85,000/mt del Delhi from the prior week, while the index for imported aluminium old cast fell by $14/mt to $966/mt cfr India on Friday on weak demand.
The weekly index for aluminium EC wire settled flat at Rs130,000/mt del Delhi consumer and del Mumbai consumer. The index for Indian old cast settled flat to Rs83,750/mt del Mumbai consumer as demand from domestic alloy producers ground to a halt.
The index for aluminium utensil settled unchanged at Rs106,000/mt del Delhi consumer, also on a lack of demand. The index for aluminium utensils settled flat at Rs103,500/mt del Mumbai consumer.
The three-month LME aluminium official contract fell by $40/mt to settle at $1528/mt on Monday pulling imported aluminium scrap prices down. Traders expect prices to drop further and thus stayed away from booking imported scrap. Additionally, they are sceptical about a rise in demand as secondary alloy manufacturers’ units and other downstream industries stay shut.
The Indian rupee appreciated by 69paise to Rs75.41 on Tuesday against US$1, from Rs76.10 a week ago. Importers now hope rupee appreciates further by the end of the lockdown.