The weekly Davis index for P1020 rose by Rs767/mt ($10.73/mt) Monday to settle at Rs146,688/mt ex works India consumer, up from Rs145,921/mt the prior week.
LME spot prices for aluminium dropped by $20.5/mt to $1,775.5/mt on Jan 24, from $1,796/mt on Jan 17, before climbing to $1,810/mt on Jan 21.
Indian primary aluminium producer Hindalco increased P1020 prices on Jan 22 by Rs1,250/mt, to Rs147,250/mt from Jan 18. Hindalco dropped its product prices on Jan 24 by Rs2,000/mt to Rs145,250/mt. Balco revised its prices of P1020 on Jan 22 by Rs2,000/mt to Rs147,750 from Jan 17. Nalco increased prices of P1020 on Jan 21 by Rs1,300 to Rs152,950 from Jan 17.
The demand from downstream extrusion makers continues to remain weak and the market awaits an infrastructural boost from the annual Union budget, to be presented on Feb 1.
Primary aluminium manufacturers continue to suffer cash losses as prices of aluminium continue to remain range-bound below $2,000/mt on LME, despite a regular increase in prices mirroring the rise in aluminium prices on the LME.
In other domestic markets, the index for CG99.5 rose by Rs902/mt to Rs146,390/mt ex works Indian producer.
The index for ADC12 settled at Rs151,286/mt, up by Rs1,525/mt from the prior week.
The index for EC rod increased by Rs 2,219/mt and settled at Rs153,276/mt.