Domestic aluminium prices for scrap grades remained mixed despite the steep rise in prices on LME from the prior week.
Alloy manufacturers in wait-and-watch mode, delaying buying decision for after Diwali as prices for most scrap grades have gone up internationally.
Manufacturers across India are optimistic that export orders from China would continue for the next two months. Some manufacturers reported China revising the price of auto alloys to $1,775- 1800/mt cfr China port, up from $1,740/mt over the weekend.
The weekly Davis Indexes for domestic EC wire Tuesday settled at Rs144,000/mt del Delhi consumer, up by Rs3,000/mt ($40.40/mt) but remained unchanged in Mumbai at Rs145,000/mt del consumer.
The weekly Davis Indexes for the domestic old cast (Purja/Tense) Tuesday settled at Rs104,000/mt del Delhi consumer, down by Rs750/mt from the prior week as manufacturers delayed buying following the recent hike in the three-month aluminium contract on LME. The recent spike in LME three-month aluminium contract has escalated aluminium scrap prices. Davis Index heard few trades at Rs106,000-107,000/mt del Delhi consumer but not all participants trade at these levels.
In Mumbai, the weekly Davis Index for the domestic old cast (Purja/ Tense) settled flat at Rs103,000/mt del consumer.
The weekly Davis Index for domestic Taint/Tabor (old sheet) settled at Rs112,750/mt del Delhi consumer down by Rs250/mt, and in Mumbai, settled flat at Rs110,000/mt, del consumer on slow demand. Davis Index heard trades of Taint/Tabor (old sheet) at Rs112,000/mt, but not all participants confirmed at this rate.
The weekly Davis Index for aluminium utensil settled at Rs118,000/mt, up by Rs3,000/mt from Rs115,000/mt del Delhi consumer and, in Mumbai settled at Rs110,000/mt del consumer, down Rs3,000/mt.
The three-month official contract of aluminium on LME rose by $90.5/mt to settle at $1930/mt on Nov 9 from $1,839.5/mt on Nov 9.
($1=Rs74.24/mt)