The daily Davis Index for P1020 on Tuesday dropped by Rs1,166/mt ($15.94/mt) to settle at Rs167,305/mt ex-works India producer after Balco and Hindalco dropped their product prices in sync with the drop in spot aluminium prices on LME.
The official LME spot contract settled at $1,979.5/mt on Monday from $2,000.5/mt on Jan 15, down by $21/mt.
Balco dropped its product prices by Rs2,250/mt ($30.76/mt) on Tuesday from Jan 14 while Hindalco dropped prices by Rs1,250/mt from Jan 16.
The daily Davis Index for ADC 12 settled at Rs170,586/mt ex-works India producer, down by Rs1,125/mt while the index for CG 99.5 dropped by Rs1,167/mt to settle at Rs166,888/mt ex-works India producer.
The daily Davis Index for EC Rod dropped by Rs1,166/mt to settle at Rs172,810/mt ex-works India producer.
($1=Rs73.13)