During the previous week, the Indian base metals market displayed a mixed performance, with positive and negative moves and some minor price swings. Although domestic aluminium prices remained relatively stable, the imported market experienced higher price volatility.
Throughout the week, the primary aluminium ingot segment has undergone several modifications. A decline in primary aluminium ingot (P1020) price was observed as the significant players curtailed their prices. It stood at INR 221,000 per tonne ex-Delhi without GST. In contrast, the price of ADC12 aluminium alloy ingot price was found stable w-o-w at INR 188,000 per tonne ex-Faridabad, leaving out GST.
The market for aluminium scrap in India did not evidence any significant fluctuations regarding the price or trading activities. It remained the range-bound.
Some important fluctuations were noticed in India’s imported aluminium scrap market. These fluctuations resulted from the US sellers acquiring future bookings and short-term holding patterns, suggesting a degree of confidence in future demand and providing a green signal for buying aluminium scrap from India. As compared to the US and the UK, more considerable dealings were closed between the Middle East and India. The Zobra grade aluminium scrap market is encountering challenges, notably in terms of price fluctuations. Buyers in this market are cautious due to the unpredictability of London Metal Exchange (LME) prices, which might affect the value of aluminium scrap.
Received under the content exchange agreement with SteelMint
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