The weekly Davis Indexes for aluminium EC wire, Tuesday, settled at Rs123,444/mt, down by Rs481/mt ($6.36/mt) del Delhi consumer and Rs123,000/mt del Mumbai consumer, down by Rs1,000/mt ($13.23/mt) as demand remains hit.
EC wire prices also dropped on the back of Nalco reducing product prices by Rs1,100/mt on June 27 from June 20. Most downstream consumers of the scrap grade also use primary aluminium as raw material. In Mumbai, there were low to no trades as the COVID-19 cases continue to surge.
The weekly Davis Index for aluminium utensil settled Rs103,000/mt, up by Rs17/mt($0.22/mt) from Rs102,983/mt del Delhi consumer as demand is on a path of recovery. The weekly Davis Index for aluminium utensil scrap remained unchanged at Rs103,000/mt del Mumbai.
The Davis Index for domestic old cast (Purja/Tense) settled at Rs77,667/mt del Delhi consumer, up by Rs334/mt from Rs77,333/mt prior week. The index for domestic old cast (Purja/Tense) settled unchanged at Rs78,000/mt del Mumbai.
Trades with buyers in Chennai were even reported at Rs67,000/mt del consumer on cash payment as sellers looked to raise liquidity. But No traders confirmed these prices.
The weekly Davis Index for domestic Taint/Tabor (old sheet) dropped by Rs1,833/mt to settle at Rs91,000/mt del Delhi driven by the drop in imported scrap prices. Davis Index heard that prices of US-origin Taint/Tabor fell to $1,000/mt del India consumer from $1,025/mt in the pre-COVID-19 days.
Gujrat traders reported a continued demand for Taint/Tabor in Rajasthan, Chattisgarh and Madhya Pradesh from section and utensil manufacturers. The weekly Davis Index for domestic Taint/Tabor (old sheet) settled unchanged at Rs91,000/mt del Mumbai consumer amid tepid demand from alloy manufacturers.