All non-ferrous metals prices on the London Metal Exchange (LME) saw negative trend throughout the week.
The dollar index, which measures the currency’s value against a basket of six different currencies, was at 103.88, a modest decrease of 0.2% from the previous week.
All non ferrous metals prices in Chinese exchange (SHFE) fell by up to 7.7% except for copper which rose 0.8% w-o-w.
USA export prices rise in Jan 2023
The U.S. import prices fell by 0.2% in January following a revised 0.1% drop in the previous month, Bureau of Labor Statistics reported today. Lower fuel prices in January were more than offset higher non-fuel prices. In contrast, prices for U.S. exports advanced 0.8% in January, after falling 3.2% in December.
Aluminium tense scrap prices fell w-o-w
India’s domestic aluminium scrap prices inched down by 3% to INR 162,000/t ($1,956/t) w-o-w. Sources informed that there has been selling pressure in the market. Sellers are ready to sell material even on discounts. Thus, prices may fall in the near-term. Aluminium ingots ADC12 prices remained firm w-o-w at INR 200,000/t ($2,415/t) exw-Faridabad.
Global aluminium scrap market
India’s imported aluminium scrap market saw mixed sentiments throughout the week due to a variation seen in key commodity exchanges such as the London Metal Exchange (LME).
Additionally, due to discrepancies in bid-offers, market participants took a pause for the time being. However, it was expected that post-Chinese Lunar New Year holidays, market will get “clearer directions”. However, the market remained unstable.
SteelMint’s assessment for US-origin aluminium talk scrap is at $4,675/t CFR Nhava Sheva, up $100/t w-o-w. Aluminium extrusion scrap offers from the Middle East stood at $2,220/t, a decrease of $90/t against w-o-w prices.
Copper scrap prices inch down
Copper armature scrap prices in India fell by 0.5% w-o-w to INR 695,000/t ($8,392/t) exy-Delhi due to limited activities amid a fall in copper futures. Moreover, primary wire rods prices fell 0.9% w-o-w to INR 790,000/t ($9,539/t), as per SteelMint’s assessment.
Market participants are still in a wait-and-watch mode with limited activities. Mills have sufficient future bookings of the material in hand as sources expect prices to go up in the near-term on positive demand outlook.
Malaysian copper tube manufacturer, Mettube Copper India Private Limited, on Monday signed an agreement with the Gujarat government to set up a manufacturing plant in Sanand. According to sources, the company is set to invest about Rs 1,000 crore in the first phase for setting up the facility.
Zinc prices fall, lead prices inch up
Domestic special high-grade (SHG) zinc ingots prices fell by 4.9% w-o-w to INR 273,000/t ($3,296/t) exw-Delhi on reduced demand and a fall in LME. Furthermore, prices of domestic remelted lead ingots and refined lead ingots inched up 0.5% on improved trading activities after some weeks.
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