Weekly Indian secondary zinc ingot prices Monday fell by Rs10,250-11,000/mt ($143-153/mt) amid a weak demand in the consuming sectors. A dip in the three-month LME zinc contract pulled down zinc scrap and alloy prices on Monday.
The Davis Index for secondary zinc ingot on Monday settled at Rs170,450/mt, ex-works Mumbai consumer, down by Rs10,250/mt from a week ago. Low demand in the auto sector pressured prices this week. The weekly index for secondary zinc ingot settled at Rs172,450/mt, ex-works Delhi consumer, down by Rs11,000/mt.
Prices of zinc dross slipped by a lower margin compared to other scrap grades, as demand from zinc oxide and ceramic manufacturers remained moderate. The Davis Index for zinc galvanizer’s dross ex-works Delhi consumer settled at Rs160,200/mt, down by Rs250/mt Monday from the prior week. The weekly Davis Index for zinc galvanizer’s dross ex-works Mumbai consumer settled at Rs160,200/mt, down by Rs1,250/mt Monday from the prior week.
Indian zinc alloy prices fell by Rs7,907-7,990/mt Monday from the prior week as LME zinc dragged the prices downwards. The three-month LME zinc cash contract has been falling since Jan 22, down by $247/mt on Friday.
The weekly Davis Index for Zamak #3 del India consumer settled at Rs194,460/mt, down by Rs7,907/mt from the prior week. The index for Zamak #5 settled at Rs197,460/mt, down by Rs7,990/mt from the prior week. The fall in Zamak prices is in line with a downtrend in LME zinc which triggered Indian primary manufacturers to lower prices. Prices for Special High-Grade (SHG) zinc were lowered by Rs10,400/mt to 186,900/mt on Feb 3. Few Zamak producers reported lesser deals compared to mid-January.
Market participants were disappointed by the Indian government’s budget announcement last week as no major policies were announced to boost economic activities in the near term.
($1 = Rs71.39)