The Indian imported aluminium scrap market recorded unpredictable patterns and considerable price contraction W-o-W in some grades by up to $120 per tonne. As of today, US and Middle East-origin aluminium talk prices fell by up to $120 per tonne to $4,480 per tonne and $4,350 per tonne, respectively. The remainder of the scrap grades exhibited a different pattern, with some falling by $5-50 per tonne and others rising by $10-50 per tonne W-o-W.
Most medium-sized importers have taken a cautious approach, deferring their bookings and looking for generally reliable material-sourcing locations. The present domestic market scenario indicates a limited supply of taint tabor and extrusion, resulting in increased demand for these grades and producing a favourable environment for purchasers. At the moment, the European area has few options for aluminium exports. This paucity of supply has created a difficult scenario for purchasers looking to purchase aluminium scrap on the market.
{alcircleadd}
According to current market conditions, aluminium alloy ingot manufacturers maintain a measured capacity utilisation ratio constant with the previous week. The currency's strengthening has resulted in a decrease in extra expenditures of around INR 400-500 per tonne compared to the previous month.
Aluminium scrap prices fell from the previous trade day, with tension prices at INR 155,000-156,000 per tonne and utensil prices at INR 169,000 per tonne, both ex-Delhi and ex-GST. The price fall was ascribed to low demand. According to reports, leading industry players will provide discounts on specific classes.
Aluminium prices on the London Metal Exchange (LME) stayed in the $2,150-$2,200 per tonne region this week, changing by $40-$50 per tonne W-o-W. Furthermore, LME aluminium stockpiles grew by 5,625 t year on year to 542,050 t yesterday. Furthermore, aluminium futures prices on the Shanghai Futures Exchange (SHFE) were RMB 17,965 per tonne ($2,488 per tonne), down RMB 110-120 per tonne ($15-17 per tonne) year on year.
Received under the content exchange agreement with SteelMint
Responses
