The daily Davis Index for P1020 Monday dropped by Rs1,600/mt ($21.42/mt) to Rs136,338/mt ex-works India producer from Rs137,938/mt on Friday, after Balco and Hindalco reduced their product prices.
The two companies dropped prices of primary aluminium by Rs3,000/mt ($40.17/mt) on July 4 from July 1 driven by the weakness in LME spot aluminium prices. The spot aluminium price dropped by $20.5/mt to $1,581.5/mt on LME on July 3 from June 30.
Earlier, both the producers had increased product prices by Rs1,750/mt on July 1 from June 27. Balco dropped its P1020 price to Rs138,500/mt ex-works India producer Hindalco reduced to Rs137,250/mt ex-works India producer.
The third Indian producer, Nalco published its revised product notice, applicable from July 1, on the company website over the weekend. Prices of all Nalco products rose by Rs1,200/mt($16.06/mt) ex-works India producer from June 27, except wire rod prices that were increased by Rs200/mt to Rs 144,950. Nalco’s P1020 prices rose to Rs140,450/mt on July 1, from Rs139,250/mt on June 27, up by Rs1,200/mt.
The Davis Index for ADC 12 Monday settled at Rs139,761/mt, down by Rs900/mt from Rs140,661/mt ex-works India producer on Friday.
The index for CG99.5 settled at Rs135,921/mt ex-works India producer Monday, down by Rs1,933/mt ($25.88/mt) from Rs137,521/mt ex-works India producer on Friday.
The index for EC rod settled at Rs141,843/mt, down by Rs1,933/mt from Rs143,776/mt ex-works India producer on Friday.