Against the backdrop of rising global scrap prices, domestic scrap prices were positive this week. All base metals prices on the London Metal Exchange (LME) were on the uptrend except zinc and copper.
The dollar index, which measures the dollar’s value against a basket of six different currencies, was at 101.94, a modest decrease of 0.05% from the previous week.
Global aluminium scrap prices continue their uptrend
While scrap availability in European yards was declining, the market for imported aluminium scrap in India showed positive trends. Although key domestic aluminium scrap prices, such as tense, were mostly stable over the past four days at INR 170,000/t, they have just risen by 1.19% w-o-w.
Aluminium ADC12 ingots prices rebound
Aluminium alloy ingots ADC12 prices increased by INR 2,000/t w-o-w on 25 January on the back of rising raw material prices, particularly auto scrap.
Maruti Suzuki, a major consumer and market driver, has announced settlement prices for aluminium ADC12 alloy ingots on 23 January. Prices have risen by INR 9,000/t m-o-m to INR 205,000/t, according to sources.
Copper scrap prices steady
Copper armature scrap prices in India increased by 3.3% w-o-w to INR 708,000/t ($8,685/t) exy-Delhi while primary wire rods prices remained relatively stable.
Zinc prices on rise
Domestic special high-grade (SHG) zinc ingots prices increased by 3.47% w-o-w to INR 310,000/t ($3,803/t) exw-Delhi on active demand. Furthermore, prices of domestic re-melted lead ingots and refined lead ingots remained relatively stable.
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