India’s weekly imported aluminium scrap prices dropped by $10-20/mt driven by a $24.5/mt drop in the official three-month LME aluminium contract.
The Davis Index for Taint/Tabor settled at $1,015/mt cfr India port on Friday, down by $20/mt from a week ago. Old sheet aluminium scrap buyers were hoping for prices to decline earlier. But this decline also reduced their discounts since LME aluminium dropped. Clean Taint/Tabor from the UAE was sold at a higher price of $1,300/mt due to its quick delivery time of four days.
The weekly Davis Index for extrusion 6063 aluminium scrap settled unchanged at $1,485/mt cfr India port. The index for Troma settled at $1,450/mt cfr India port, down by $23/mt from a week ago due to thin trades on continued uncertainty in markets as Covid-19 spreads globally.
The index for Talk settled at $2,693/mt cfr India port, Friday, down by $102/mt from a week ago. Sellers were reluctant to reduce offers until last week amid increased freight rates driven by a shortage of containers. But buyers refused to meet offers which were higher by $50-60/mt than their bids.
Indian exports of secondary aluminium alloy to China also remained thin as Chinese buyers were reluctant to increase their purchase prices. The Davis Index for ADC12 settled at $1,503/mt cfr China port, Friday, down by $87/mt from a week ago.
The official three-month LME aluminium contract settled at $1,690.5/mt, the lowest in February and down by 1.4pc from a week ago.