The weekly Davis Index for P1020 Monday dropped by Rs1,667/mt to settle at Rs129,721/mt ex-works India producer as primary aluminium producers revised prices in line with a drop in LME spot aluminium prices.
Hindalco, Balco revised their product prices on May 16 and May 17, in line with the LME spot aluminium prices. LME spot aluminium prices settled at $1,432.5/mt Friday, down by $17.5/mt from May 11.
Downstream consumer industries are resuming production in India depending on the availability of workers and the local government’s COVID-19 restrictions. Many states have eased the lockdown to allow resumption of economic activities.
Balco kept P1020 price at Rs133,500/mt on May 17, unchanged from May 9. Hindalco dropped P1020 price to Rs130,000/mt on May 16, down by Rs2,000/mt from April 17.
Earlier, state-owned aluminium producer Nalco revised prices on May 9. Nalco had earlier dropped prices on April 23 and April 27 in line with LME spot aluminium prices.
The weekly Davis Index for ADC 12 Monday settled at Rs133,461/mt ex-works India producer, down by Rs1,300/mt from the prior week.
The index for CG99.5 settled at Rs129,405 ex-works India producer, down by Rs1,566/mt from the prior week. The index for EC rod settled at Rs135,893/mt ex-works India producer, down by Rs2,533/mt from the prior week.
($1= Rs75.76)