The daily Davis Index for P1020 Friday dropped by Rs750/mt ($9.99/mt) to Rs141,188/mt ex-works India producer from Rs141,938/mt on Thursday, after Balco dropped its product prices by Rs2,250/mt($29.99/mt), on July 17 from July 10, driven by the drop in the spot aluminium prices on LME.
This is the first drop in the primary aluminium prices by Balco after increasing it thrice — Rs3,250/mt, Rs2,250/mt, and Rs1,250/mt on July 10, 9 and July 8, respectively.
The LME spot aluminium dropped by $32.5/mt to $1,627/mt on July 16 from $1,659.5/mt on July 9. The other two aluminium producers Hindalco and Nalco have not yet responded to the prices on LME.
The Davis Index for ADC 12, Friday, settled at Rs143,661/mt, down by Rs1,125/mt($14.99/mt) from Rs144,786/mt ex-works India producer on Thursday.
The index for CG99.5, Friday, settled at Rs140,771/mt down by Rs750/mt from Rs141,521/mt ex-works India producer on Thursday.
The index for EC rod, Friday, settled at Rs146,693/mt, down by Rs750/mt from Rs147,443/mt, ex-works India producer Thursday.