The weekly Davis Indexes for aluminium EC wire, Tuesday, increased by Rs1,444/mt ($19.15/mt) del Delhi consumer and Rs1,750/mt ($23.21/mt) del Mumbai consumer to settle at Rs126,000/mt. The spike was driven by the recent increase in the prices of primary aluminium metal by Nalco.
Nalco increased its product prices by Rs5,400/mt on July 10 from July 8, in line with the increase in the spot aluminium prices on LME. The prices of EC wire scrap change as per the changes in Nalco prices for primary metal.
Some State governments in India have imposed stricter lockdown measures which affected the scrap trade in Mumbai. Traders reported very weak to no trades in parts of Mumbai. Alloy manufacturers shirked away from booking new scraps and continued to rely on their inventories.
The weekly Davis Index for aluminium utensil settled at Rs105,000/mt del Delhi consumer and del Mumbai, up by Rs2,000/mt in line with the increase of product prices by Nalco. Utensil manufactures partly use primary material along with utensil scrap as raw material.
The Davis Index for the domestic old cast (Purja/Tense) settled at Rs81,000/mt del Delhi consumer, up by Rs3,000/mt from prior week. The index for the domestic old cast (Purja/Tense) settled at Rs82,000/mt del Mumbai, down by Rs500/mt on weak demand.
The weekly Davis Index for domestic Taint/Tabor (old sheet) settled at Rs93,000/mt del Delhi, up by Rs2,000 on continued demand.
Traders in Gujarat reported sustained demand for Taint/ Tabor in Gujarat and other parts of India.
The weekly Davis Index for domestic Taint/Tabor (old sheet) settled at Rs93,500/mt del Mumbai consumer, down by Rs1,750/mt on weak demand from alloy manufacturers after stricter lockdown imposed in many parts of Maharashtra.