Prices of ADC 12 gained in Delhi and Mumbai on the back of the rising import scrap prices as China became active in the scrap market. The manufacturers reported slow export orders from China and no bids from Japan. Buyers shirked away from the purchases as prices climbed up from the prior week.
The weekly Davis Index for ADC 12 cfr China settled at $2,200/mt on Monday, up by $20 from $2,180/mt. The weekly Davis Index for ADC 12 cfr Japan settled at $2,250/mt down by $15/mt as Japanese buyers slowed down bids on the back of the chip shortage in Japan.
The weekly Davis Index for ADC 12 settled at Rs157,000/mt from Rs153,500/mt up by Rs3,500/mt ($47.73/mt) ex-works Delhi producer prior Monday. A few producers sold ADC 12 at Rs156,000/mt but not all traders confirm sales at these levels on the back of weak demand.
The three-month contract for aluminium rose by $48.5/mt to settle at $2,236.5/mt on April 2, from $2,285/mt on March 26.
The weekly Davis Index for Zorba 95/2 settled at $1,710/mt cfr India port, up by $10/mt. The weekly Davis Index for Taint/Tabor down by $13/mt to settle at $1,660/mt cfr India port and the Index for Tense settled at $1,653/mt cfr India port, up by $39/mt.
The weekly Davis Index for ADC 12 settled at Rs163,875/mt ex-works Mumbai producer, up by Rs4,208/mt. Participants in Mumbai reported subdued domestic demand for auto alloys.
The weekly Index for LM6 settled at Rs179,333/mt ex-works Mumbai producer, up by Rs4,333/mt.