India’s weekly lead scrap prices fell for all grades on weak demand. Secondary lead ingot prices in Mumbai slid by Rs3,292/mt ($46/mt). Demand remained sluggish for a second successive week on Wednesday.
The weekly Davis Index for secondary lead ingot settled at Rs141,000/mt ex-works Mumbai producer, down by Rs 3,929/mt Wednesday. Demand for secondary lead ingots from battery makers declined as few automakers recorded de-growth in January sales. The Davis Index for secondary lead ingot settled at Rs143,200/mt ex-works Delhi producer, down by Rs1,000/mt from a week ago.
The Davis Index for lead batteries (drained) settled at Rs84,825/mt del Delhi consumer, down marginally by Rs125/mt on Wednesday as trading thinned. Scrap sellers who kept their offers unchanged for two consecutive weeks, reduced their offers by around Rs2,000/mt this week to Rs84,000/mt to attract bids.
The Davis Index for lead batteries (drained) settled at Rs84,167/mt del Mumbai consumer from Rs85,075/mt in the prior week, down by Rs908/mt.
The three-month official LME lead contract fell by $56/mt to close at $1,842/mt on Tuesday from the prior week.
Producers said Indian lead scrap markets remained largely unaffected by China’s Coronavirus. If global lead scrap prices fall on lowered demand from China, it could affect the Indian domestic market.
($1 = Rs71.21)