Domestic aluminium scrap prices rose in sync with the rise in prices on LME and the scarcity of few grades in different regions across India. Participants reported scarcity of (Purja/Tense) in Delhi market.
The three-month official LME contract rose by $74/mt to settle at $1,847/mt on Oct 12 from $1,773/mt on Oct 5
Alloy manufacturers and traders feel that the demand would remain stable until Diwali festivities. Traders in Mumbai said scrap is adequately available. The manufacturers in North India struggled to procure Tense to fulfil the demand for aluminium alloys in the domestic market in addition to exporting to China and Japan.
The weekly Davis Indexes for the domestic old cast (Purja/Tense) Tuesday rose by Rs1,250/mt($17.04/mt) to settle at Rs103,500/mt del Delhi consumer on the sustained demand from the alloy manufacturers; and Rs98,750/mt del Mumbai consumer, up by Rs2,750/mt.
The weekly Davis Index for domestic Taint/Tabor (old sheet) settled at Rs108,750/mt del Delhi consumer, up by Rs2,000/mt. Davis Index heard Taint/Tabor with 1 per cent attachment is available at Rs112,000/mt in the National Capital Region (NCR) and but traders in other areas did not confirm trades at this level. The weekly Davis Index for domestic Taint/Tabor (old sheet) settled Rs109,000/mt del Mumbai consumer, down by Rs2,000/mt on sustained demand.
The weekly Davis Indexes for aluminium utensil settled at Rs112,500/mt del Delhi consumer, up by Rs500/mt and for Mumbai consumer, it settled at Rs109,000/mt, up by Rs2,000/mt on growing demand as utensil manufacturers are ramping-up production for the upcoming festive season.
($1=Rs73.33)