The daily Davis Index for P1020 dropped by Rs867/mt ($11.38/mt) to settle at Rs137,471/mt ex-works India producer from Rs138,388/mt ex-works.
State-owned aluminium producer Nalco reduced prices of its products by Rs2,600/mt($34.13/mt) from June 11. The price change was driven by a fall in LME spot aluminium prices. Spot aluminium prices dropped by $40/mt to settle at $1,573.5/mt on June 16 from $1,613.5/mt on June 10.
The producer dropped its P1020 price by Rs2,600/mt to Rs139,550/mt ex-works India producer on Friday from Rs141,950/mt on June 11. Downstream industries were waiting for Nalco to reduce its prices as they are taken as the base to fix final product prices.
Nalco had last revised product prices increasing them by Rs4,900/mt to Rs141,950/mt ex-producer on June 11 from June 6 in response to price changes in spot aluminium prices on LME from June 5 to June 10.
On Thursday, two Indian primary aluminium producers- Balco and Hindalco raised their prices by Rs2,000/mt and Rs1,750/mt, respectively, in line with the LME spot aluminium prices. LME spot aluminium prices were at $1,577.5/mt on June 17, up by $17.5/mt from June 12.
The Davis Index for ADC 12 settled at Rs138,611/mt on Friday, down by Rs3,025/mt from Rs141,636/mt ex-works India producer on Thursday.
The index for CG99.5 settled at Rs137,055/mt ex-works India producer, down by Rs866/mt from Rs137,921/mt ex-works India producer on Thursday. The index for EC rod settled at Rs143,310/mt ex-works India producer, down by Rs867/mt from Rs144,176/mt ex-works India producer on Thursday.
($1=Rs76.16)