Domestic aluminium prices for old cast rose while few others dropped due to shortage of grades in several parts of India. The imports of old cast/Tense into India dropped as traders offshore struggled with vessels and containers’ availability. Prices were pushed by the upswing in the-three-month aluminium contract on LME.
Manufacturers across India witnessed slowing of demand from the auto sector, though export orders from China continue to pour in. Market participants are optimistic that the domestic demand would return in February and March, 2021. Some manufacturers reported China revising the price of auto alloys to $2,150/mt, up by $130/mt from $2,020/mt cfr China port prior week.
The weekly Davis Index for the domestic old cast (Purja/Tense) Tuesday settled at Rs116,667/mt del Delhi consumer, up by Rs4,334/mt($58.67/mt). Few traders reported trades at Rs120,000/mt for cleaner variations as manufacturers reported scarcity in the market. In Mumbai, the weekly Index for the domestic old cast (Purja/ Tense) settled at Rs115,000/mt del consumer, up by Rs3,000/mt.
The weekly index for domestic EC wire Tuesday settled at Rs151,000/mt del Delhi consumer, down by Rs1,333/mt ($/mt) while in Mumbai it settled at Rs154,333/mt del consumer, down by Rs667/mt.
The weekly Davis Indexes for domestic Taint/Tabor (old sheet) in Delhi settled at Rs117,500/mt del consumer, up by Rs167/mt while in Mumbai it settled at Rs118,333/mt, down by Rs500mt del consumer.
In Delhi, the weekly Index for aluminium utensil settled at Rs126,667/mt del consumer, down by Rs333/mt while in Mumbai, it soared to Rs124,000/mt del consumer, up by Rs7,000/mt. The jump was limited to Mumbai region.
The three-month official contract of aluminium on LME dropped by $30.5/mt to settle at $2,023/mt on Dec 21 from $2,054/mt on Dec 14.