The global base metals market saw positive trends prevailing, with prices moving higher by up to 10% especially zinc followed by nickel which rose 7%, considering LME’s three-month price trend on a weekly basis, SteelMint data shows.
Prices moved up owing to positive cues from the Asian and US markets as the US Federal Reserve raised interest rates by 75 basis points in an effort to drive down inflation, which was in line with the market expectations, SteelMint understands.
In the context of the Indian market, weekly base metal prices recovered by up to 6% following healthy global prices amid positive sentiments.
Aluminium scrap import prices rise
- All imported aluminium scrap (UK and Middle East-origin) prices rose this week in the range of $10-110/t. Middle-east-origin imported aluminium talk scrap prices rose the most by $110/t to $4,210/t CFR Nhava Sheva on 26 July.
- Transactions have improved compared to the past few weeks. Furthermore, the availability of common grades like extrusion, wheels and utensils in some markets is is tight leading to the rise in prices.
- LME aluminium three-month contract prices were up 0.28% to $2,482/t on 29 July compared to 22 July.
Domestic aluminium prices rangebound
- Domestic aluminium scrap prices remained rangebound throughout the week amid limited trade observed in the market. Aluminium tense scrap prices were recorded at INR 149,000/t ($1,881/t) exy Delhi on 29 July.
Nickel prices recover this week
- Prices have shown recovery on rising nickel exchange prices and increasing imported scrap prices from Europe and the Asia Pacific. There is scrap shortage in the market which may support prices, market sources informed.
- LME three-month nickel contract prices rose by 6.77% to $23,619/t on 29 July as against $22,122/t on 22 July.
- Amid the rise in exchange prices, the domestic market turned positive after remaining sluggish over the past few weeks.
Domestic 304 grade stainless steel scrap prices were up 5.3% to INR 120,000/t ($1,515/t) exy Delhi on 28 July. The prices of 304 grade stainless steel HRC was recorded at INR 238,000/t ($3,005/t) exw Mumbai on 16 July.
Copper prices edge up
- Domestic copper armature scrap prices rose 3.4% to INR 610,000/t ($7,702/t) exy Delhi on 29 July.
- Prices of copper primary and secondary were up 4.1% and 3.1% w-o-w to INR 670,000/t ($8,460/t) and INR 653,000/t ($8,245/t) exw Delhi, respectively, backed by a weaker dollar and hopes for improved demand from top consumer China.
- The three-month copper contract prices on LME rose by 6.35% to $7,925/t on 29 July.
Global and domestic zinc prices rise
- Domestic special high-grade (SHG) zinc ingots prices rose by 6% w-o-w following the rise in 3-month LME prices. Prices rose to INR 295,000/t ($3,725/t) exw Delhi on 29 July.
- LME three-month zinc contract prices showed a positive trend this week, rising by 10.36% to $3,302/t on 29July as against $2,992/t on 22 July.
Lead prices inch up
- Domestic remelted lead ingot prices showed positive trends this week and were assessed at INR 176,000/t ($2,222/t) exw-Delhi on 29 July.
- Prices of primary lead ingots were recorded at INR 190,000/t ($2,399/t) exw Delhi, up marginally by 2.2%.
- The LME three-month lead contract prices inched up by around 1% from 22 July to $2,023/t.
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