India’s weekly imported aluminium scrap prices dropped by 2pc-5pc, on a 2.6pc drop in the official three-month LME aluminium contract, amid no activity from buyers during the COVID-19 lockdown.
The weekly Davis Index for 6063 aluminium extrusion scrap settled at $1,292/mt cfr India port, Thursday, down by 4pc. The index for Troma settled at $1,268/mt cfr India port, down by 5pc, as LME aluminium remained under pressure. Sellers were forced to reduces offer prices as LME aluminium trended down, but buyers shied away from new deals amid low demand and port congestion.
The weekly index for Talk settled at $2,242/mt cfr India port, up by $42/mt on support from the LME copper futures contract, however, the index for Tally remained unchanged at $855/mt cfr India port with no buyers. With the lockdown expected to be extended in most regions, many manufacturers will remain shut for most of April.
The official three-month LME aluminium contract settled at $1,459.5/mt, Thursday, down by $38.5/mt from a week ago, hitting its lowest since 2016.