The weekly Davis Index for ADC 12 in Delhi remained unchanged to settle at Rs112,000/mt ($1471.55/mt) ex-works due to lack of demand from die-casters located around NCR and Faridabad. State governments have ordered all non-essential business to remain shut till the end of March to contain the spread of COVID-19 across India.
The weekly Davis Indexes for ADC 12 and LM6 in Mumbai settled flat at Rs120,500/mt ex-works and Rs146,000/mt ex-works, respectively, as plants remained shut due to lockdown in Maharashtra. Secondary alloy manufacturers expect scrap prices to scale up after plants resumes production. Besides, the uncertainty around scrap prices, safety and health concerns also held back manufacturers from booking scrap import orders.
In South India, die-casters are running operations at 25pc capacity. Many remote districts are yet to report any positive COVID-19 cases, but lack of demand from the automobile sector has pushed die-casters to cut production.
($1=76.11)