The weekly Davis Index for ADC 12 gained Rs250/mt ($3.36/mt) to settle at Rs177,750/mt ex-works Mumbai producer. ADC 12 prices are likely to remain in the upper bracket in the domestic market driven by a rise in offers from China and Japan.
The weekly Davis Index for ADC 12 gained Rs250/mt ($3.36/mt) to settle at Rs177,750/mt ex-works Mumbai producer, while the index for the grade in Delhi settled at Rs173,000/mt ex-works Delhi producer, up by Rs1,000/mt ($13.46/mt).
ADC 12 prices are likely to remain in the upper bracket in the domestic market driven by a rise in offers from China and Japan. Secondary manufacturers exporting ADC alloys to China reported increased bookings for August and September deliveries, while deliveries to Japan remained slow this week weighed down by the weeklong Obon holidays.
The weekly Index for LM6 settled at Rs205,000/mt ex-works Mumbai producer, up by Rs4,250/mt ($57.22/mt). Participants reported slow demand from the domestic downstream industries but shared that demand will rise in the coming days.
The upbeat export market also strengthened prices in the domestic market, said smelters, who reported an improvement in bids from Chinese buyers.
The weekly Davis Index for ADC 12 cfr China settled at $2,363mt cfr China port, up by $19/mt from a week ago. The weekly Index for ADC 12 cfr Japan settled at $2,413/mt, up by $27/mt.
Manufacturers kept asking prices at $2,450/mt cfr Japan port. Some bids were around $2,350-2,380/mt cfr China port levels.
($1= Rs74.26)