The daily Davis Index for P1020 on Tuesday dropped by Rs1,834/mt ($24.92/mt) to Rs169,321/mt ex-works India producer after Balco and Hindalco reduced prices in line with a rise in spot aluminium prices on LME.
The official LME spot contract settled at $2,004/mt on Dec 7, down by $41.5/mt from $2,045.5/mt on Dec 1.
Balco reduced P1020 prices by Rs2,750/mt from December 2, to settle at Rs170,250/mt on Tuesday. Hindalco also reduced its product prices by the same amount, to settle at Rs170,750/mt on Tuesday. Earlier Balco and Hindalco had increased their prices by Rs5,250/mt and Rs5,500/mt, respectively, on Dec 2 following $78.5/mt jump in the spot aluminium prices on LME.
The daily Davis Index for ADC 12 settled at Rs172,486/mt ex works India producer, down by Rs1,375/mt. The index for CG 99.5 was down by Rs1,833/mt to settle at Rs168,905/mt ex-works India producer.
The daily Index for EC Rod settled at Rs174,826/mt ex works India producer, down by Rs1,834/mt.