The weekly Davis Index for Indian domestic aluminium old cast/Tense declined by Rs1,000mt ($13.98/mt) to Rs85,000/mt del Delhi consumer.
A glut of scrap in the domestic market pressured its prices. Traders were willing to sell scrap at prices lower by Rs1,000-1,500/mt than their present offers. ADC12 alloy makers reduced their production affecting the demand for Tense.
Alloy makers reduced their production amidst limited export orders from China coupled with sluggish domestic demand. Shortage of Silicon used as a raw material for the manufacture of ADC12 also continued to impact its manufacturing. Silicon rates rose by Rs30,000/mt at Rs200,000/mt on Monday from the prior week. Traders believe silicon shipments are unlikely to leave Chinese shores before mid-March, post which producers expect to ramp up operations by April.
The weekly Davis Index for Indian domestic aluminium old sheet or Taint/Tabor fell by Rs1,500mt ($20.97/mt) to Rs92,500/mt del Delhi consumer also on weak demand from alloy manufacturers.
The Davis Index for domestic EC wire scrap remained flat at Rs130,000/mt del Delhi consumer on Tuesday. The Davis Index for Indian domestic EC wire scrap remained flat at Rs130,000/mt del Mumbai consumer.
The index for aluminium old sheet rose by Rs2,750/mt to Rs96,000 del Mumbai consumer on continued demand from aluminium section manufacturers.