India’s imported aluminium scrap prices display mixed traits amidst volatile futures market

The imported aluminium scrap market in India witnessed a mixed trend last week, leading to moderate trading activity amidst a volatile futures market. According to reliable sources, buying and selling activities remained insignificant as compared to the average levels. It has been reported that seller sources informed that offers stayed largely stable, particularly from the European Union. Furthermore, a few major recyclers from Europe and the UK have made healthy future bookings.

Market participants have indicated that there could be a minor downward correction due to the upcoming auto industry strike in the US. The strike could potentially lead to lower transaction volumes. Meanwhile, China's silicon prices in India stood at $2,030-2,040 per tonne CIF Mundra, increasing by $120 per tonne compared to the previous week due to limited supply from the country.

Indian buyers are currently favouring domestic material. However, the local demand has not yet gained momentum as production adjustments continue. Buyers are making modest purchases, and prices of tense scrap have settled at INR 155,000-157,000 per tonne, while utensil prices are INR 171,000-172,000 per tonne, both exw Delhi (excluding GST).

In recent times, around 50 tonnes of aluminium trump from the Middle East were sold to India, CIF Chennai, at $1,730 per tonne. Around 50 tonnes of UK-origin aluminium TT c/s 6-7% were sold at $1,670 per tonne, CIF Chennai. Moreover, approximately three containers of aluminium talk from Malaysia were sold at $4,500 per tonne CFR Mundra.

Furthermore, around 150 tonnes of aluminium Zorba 98/3 were traded at $1,800 per tonne from the UK and sold at CIF Leam Chabang. Similarly, 100 tonnes of Zorba 98/3 from the UK were sold at $1,850 per tonne CIF Klang. Almost 100 tonnes of Australian aluminium UBC with 1% attachment were sold at $1,485 per tonne CIF Klang. Lastly, about 90 tonnes of silicon 553, China-origin, were traded at $2,020-2,030 per tonne CFR Chennai.

Sourced from SteelMint