The weekly Davis Index for Indian domestic aluminium old cast fell by Rs4,000mt ($56.11/mt) to Rs88,000/mt del Delhi consumer on Tuesday. The weekly index for Indian domestic aluminium old cast declined by Rs7,167/mt($100.53/mt) to Rs85,833/mt del Mumbai consumer as demand from the domestic auto sector and manufacturers of ADC12 weakened. ADC12 makers have reduced production at present as their Chinese counterparts remained shut amid Coronavirus outbreak.
Prices for aluminium old cast fell as increased imports of Tense led to oversupply of scrap into the market over a weak relative global demand. The prices are likely to decline further after previously booked shipments reach Indian shores from the US and UK.
The Davis Index for domestic EC wire scrap declined by Rs1,000/mt to Rs131,000/mt del Delhi consumer on Tuesday. The Davis Index for Indian domestic EC wire scrap fell by Rs5,000 to Rs130,000 del Mumbai consumer, in line with a drop in LME aluminium prices.
The index for aluminium old sheet declined by Rs2,833/mt to and Rs92,167 del Mumbai consumer on weak demand from deox manufacturers.
Alloy makers expressed concerns over the Chinese shutdown as silicon supply tightened in Kolkata. Silicon is usually shipped from China and if the country does not resume operations in the near term, production of secondary alloys could suffer.
($1= Rs71.28)