The daily Davis Index for P1020 on Wednesday dropped by Rs2,750/mt ($37.88/mt) to settle at Rs182,738/mt ex-works India producer, after Hindalco and Balco revised their product prices on the back of the volatility in the spot aluminium prices on LME.
The official LME aluminium spot contract settled at $2,205/mt on March 23 from $2,254/mt on the prior day, down by $49/mt.
Balco and Hindalco increased their product prices by Rs4,000($55.10/mt) and Rs4,250/mt($58.55/mt), respectively,on March 23 from March 22.
The daily Davis Index for ADC 12 settled at Rs185,236/mt ex-works India producer, down by Rs2,000/mt, while for CG 99.5, the index rose by Rs2,750/mt to settle at Rs182,321/mt from Rs185,071/mt ex-works India producer.
The daily Davis Index for EC Rod settled at Rs188,243/mt from Rs190,993/mt ex-works India producer, down by Rs2,750/mt.