The weekly Davis Indexes for the domestic old cast (Purja/Tense) Tuesday rose by Rs4,250/mt ($56.62/mt) in Delhi to settle at Rs91,000/mt del consumer and in Mumbai increased by Rs4,000/mt($53.29/mt) to settle at Rs90,000/mt del consumer due to an acute shortage of Tense in the market. Indian alloy makers have ramped up production to fulfil improved demand from auto manufacturers.
Traders added that the prices of Tense are likely to go further up by next week as scrap yards in the US are unable to source an adequate amount of scrap.
EC wire prices rose on an upward revision of primary aluminium prices by Indian producers. The weekly Davis Index for aluminium EC wire Tuesday settled at Rs127,375/mt del Delhi and Rs127,500/mt del Mumbai consumer, up by Rs1,375/mt and Rs1,500/mt, respectively, on sustained demand. State aluminium producer Nalco increased product prices by Rs2,000/mt on August 1 from July 24 driven by the increase in LME spot aluminium prices.
Amid an acute shortage of Tense in the market, Davis Index heard Tense import prices at $1,100/mt del Delhi consumer on Tuesday. The prices have gone up by more than $100/mt in last few days, informed traders. Auto manufacturers Maruti Suzuki and Hyundai Motors, and two-wheeler manufacturers like Bajaj Auto and Hero MotoCorp have ramped production of vehicles that has created the demand for auto alloys.
The weekly Davis Index for aluminium utensil settled at Rs106,000/mt del Delhi consumer, up by Rs1,000/mt del Delhi consumer from the prior week. The weekly Davis Index for aluminium utensils was unchanged on sustained demand at Rs110,000/mt del Mumbai consumer.
In Gujarat, as demand for Taint/ Tabor continues, the weekly Davis Index for domestic Taint/Tabor (old sheet) settled at Rs98,250/mt del Delhi consumer and Rs98,750/mt del Mumbai consumer, up by Rs2,875/mt and Rs3,750/mt, respectively, on rising demand from alloy manufacturers in the several States.
Davis Index heard trades of Taint/Tabor at Rs102,000/mt, however other traders did not confirm trades at this rate.