The weekly Davis Index for ADC 12 Thursday settled at Rs129,000/mt, down by Rs500/mt ($6.69/mt) from Rs128,500/mt ex-works Delhi producer registered on prior Monday. Prices fell as most manufacturing units will be closed for the next four days on the occasion of Diwali festival.
Market participants expect demand from auto manufacturers to continue till the end of the year, unlike prior speculation that auto sales may drop post-Diwali season. Davis Index also heard ADC 12 trades at Rs131,000/mt ex-works North India producer, but not all participants confirmed trades at these prices.
The weekly Davis Index for ADC 12 settled at unchanged at Rs137,500/mt ex-works Mumbai producer from the prior week. Die-casters near Mumbai signed an agreement to pay Rs139,000/mt for ADC 12 as per the price contract for November on the 45-day payment term.
ADC 12 producers in Western India reported having bought old cast/Tense at $1,325/mt, up by $15/mt from $1,310/mt prior week.
The weekly Index for LM6 settled unchanged at Rs155,000/mt ex-works Mumbai producer from the prior week.
Manufacturers exporting ADC12 to China said that Chinese buyers continued to offer $1,775/mt cfr China unchanged from prior Monday. The manufacturers are optimistic that the ADC 12 trades with China will continue for the next two months as the market awaits more clarity on scrap standards in China. China has earlier said that it will allow imports of Aluminium, Copper and Brass scrap meeting high standards from Nov 1.
($1= Rs74.66)