India’s weekly imported aluminium scrap prices were mixed. Demand in the automotive sector has started to pick up. But the LME aluminium futures contract dropped by 1.6pc.
The Davis Index for A356 wheels (Troma) settled at $1,338/mt cfr India port, Friday, up by $23/mt from a week ago, while the index for 6063 extrusion scrap settled at $1,355/mt cfr India port, down by $58/mt. Market participants remain confused about the price direction due to fluctuations in LME aluminium.
The weekly Davis Index for Taint/Tabor settled at $1,075/mt cfr India port, up by $25/mt, while the index for Tense settled at $963/mt cfr India port, down by $25/mt amid sparse trades as buyers still have stocked up inventories.
Sales of secondary aluminium alloy ingots to China dropped, and manufacturers preferred to sell domestically, catering to the demand in the auto sector and a guarantee of immediate payments. A few manufacturers also looked towards other Asian markets such as Thailand. The weekly index for ADC12 settled at $1,498/mt cfr China port, up by $78/mt.
The official three-month LME aluminium contract settled at $1,660.5/mt Thursday, down by $26.5/mt from a week ago.
($1 = Rs 74.9)