For the second week in a row, imported aluminium scrap prices in India have fluctuated slightly. This week, specific grades saw a minor increase of up to $20/tonne. On the other hand, other grades saw drops of up to $50/tonne compared to the previous week.
The volatile market conditions have made forecasting the direction of imported aluminium prices this week challenging. Prices are subject to differing viewpoints as the London Metal Exchange (LME) experiences modest volatility.
Only established participants are now bidding, resulting in fewer completed transactions. There is little pressure from sellers since, according to a credible source, several UK-based sellers are assessing the market dynamics and keeping short positions.
There have been minimal transactions due to the $50/t w-o-w drop in silicon pricing in China to $1,860/t. According to our source, Steelmint revealed that bids are expected to fall much more.
Several trustworthy trade sources anticipate additional price declines in the aluminium market since purchasers are unwilling to take positions at the start of the week. However, this feeling may shift and gradually improve in a day or two.
Received under the content exchange agreement with SteelMint
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