The daily Davis Index for P1020 on Friday dropped by Rs1,334/mt ($17.91/mt) to settle at Rs210,621/mt ex-works India producer after Nalco dropped its product prices on July 23 from July 17 amid a fall in the LME aluminum spot contract.
Responding to the weakness in the LME aluminum spot contract, Nalco dropped its product prices by Rs4,000/mt($53.72/mt) and by Rs5,000/mt ($67.15/mt) for wire rods on July 23 from July 17. The LME aluminum spot contract dropped by $44/mt to settle at $2,449/mt on July 22 from $2,493/mt on July 16.
The daily Davis Index for ADC 12 settled at Rs213,686/mt ex-works India producer, down by Rs2,000/mt, while for CG 99.5, the index fell by Rs1,333/mt to settle at Rs210,205/mt ex-works India producer.
The daily Davis Index for EC Rod settled at Rs215,793/mt ex-works India producer down by Rs1,167/mt.