Non-ferrous metals prices in the London Metal Exchange (LME) rose by up to 4% w-o-w. The dollar index, which measures the currency’s value against a basket of six different currencies, was at 103.12, up 0.57% from last week.
Stocks of all key non-ferrous metals at LME-registered warehouses fell by up to 3.6% w-o-w. However, lead stocks remained almost stable.
The non-ferrous scrap market performed well in this week of March. However, the market saw less activity as the financial year-end is approaching.
Aluminium scrap prices rangebound
Aluminium scrap prices in India remained rangebounded w-o-w. Sources informed that the lack of buying interest during the week resulted in moderate transactions owing to financial year ending. Notably, price revisions by the primary players did not affect local scrap prices.
India’s imported aluminium scrap prices were volatile echoing the fluctuations on the major commodity exchanges. The movement in aluminium prices turned unstable due to the liquidity crisis brought on by the turmoil in some overseas banks. But the volatility was partially eased by precautionary steps taken by UBS. In China, many uncertainties are triggering market participants’ buying sentiment, while the supply side has improved slightly.
Maruti Suzuki India Limited (MSIL), India’s largest car manufacturer and consumer of aluminium, released its March 2023 monthly settlement prices this week for aluminium ADC12 alloy ingots at INR 212,400/t, up INR 4,800/t m-o-m. February 2023 monthly settlement price was INR 207,600/t.
According to SteelMint’s assessment, ADC12 prices remained stable at INR 195,000/t (2,360$/t) exw Faridabad (excluding GST) amid mixed sentiments following Maruti’s announcement.
Copper prices inch up
Copper armature scrap prices in India increased w-o-w settling at INR 716,000/t ($8,695/t) ex-Delhi. Increase in prices mainly happened due to rising buying inquiries particularly in the finished segment. Consequently, market sentiments were affected resulting in rising prices.
Primary wire rods prices inched up by 2.5% w-o-w to INR 793,000/t ($9,630/t) and LME stocks edged down by 2,025 t w-o-w.
Zinc prices fall, lead firm
Domestic special high-grade (SHG) zinc ingots prices inched down by 1.2% w-o-w to INR 262,000/t ($3,182/t) exw-Delhi on falling futures. Prices of domestic re-melted lead ingots and refined lead ingots remained firm.
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