Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Domestic aluminium scrap prices remained mixed due to shortage of certain grades in some parts of India. Importers came under pressure as the three-month LME official contract of aluminium dipped to $2,144/mt on March 9 by $19.5/mt from March 8. Despite the slip in the official contract on LME, the index for old cast/Tense rose due to the shortage of scrap as seaborne traders struggled with vessels and containers’ availability.

Manufacturers across India witnessed subdued demand from the auto sector and slowing of export orders from China and Japan.

The weekly Davis Index for domestic EC wire, Tuesday, settled at Rs162,333/mt del Delhi consumer, up by Rs333/mt ($4.56/mt). The weekly Index for domestic EC wire settled at Rs162,000/mt del Delhi consumer, down by Rs3,000/mt.

The weekly Index for the domestic old cast (Purja/Tense) rose by Rs1,333/mt to settle at Rs124,333/mt del Delhi consumer. A few traders reported trades at Rs126,000/mt for cleaner variation as manufacturers reported scarcity in the market. In Mumbai, the weekly  Index for the domestic Old cast (Purja/ Tense) settled at Rs120,333/mt del  consumer, down by Rs1,667/mt.

The weekly Davis Index for domestic Taint/Tabor (old sheet) settled at Rs124,000/mt del Delhi consumer, down by Rs2,250/mt while in index in Mumbai settled at Rs123,000/mt, down by Rs3,000/mt del consumer.

The weekly Davis Index for aluminium utensil settled at Rs134,000/mt del Delhi consumer, up by Rs667/mt, while in Mumbai, the  weekly Index settled at Rs131,000/mt, up by Rs1,500/mt del  consumer.

The three-month official contract of aluminium on LME dropped by $2/mt to settle at $2,163.5/mt on March 8 from $2,165.5/mt on March 1.


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