Domestic non-ferrous metals prices saw positive trends this week, rising by up to 5.8% w-o-w, as per Steelmint’s assessment.
All non-ferrous metals prices on the London Metal Exchange (LME) were almost upside. However, nickel fell by 4.6% even as prices of other metals rose by up to 13%.
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around 102.17, down slightly by 1.59% against last week.
Price picture
- Aluminium prices up w-o-w
Domestic aluminium tense scrap prices rose slightly by 4.5% w-o-w at INR 161,000/t exy-Delhi. Notably, aluminium stocks in LME warehouses witnessed a sharp fall of 25,275 t w-o-w.
Meanwhile, tense scrap availability remains tight in the local market. Even so, traders have started restocking material.
Imported aluminium scenario
The imported aluminium scrap market witnessed better inquiries after a long Christmas and New Year’s holiday. As a result, market participants are currently observing moderate transactions. Prices of imported aluminium scrap into India and the Far East increased after the holidays on an upbeat futures market.
In addition, the conversion spread from scrap to semi-finished was affected over the last few weeks amid holidays as semi-finished prices did not increase in tandem with scrap prices and sales volumes were limited resulting in minor price fluctuations.
Copper prices trend higher
Domestic copper armature scrap prices rose by 4.9% w-o-w to INR 672,000/t ($8,267/t) exy-Delhi.
Prices of secondary wires rose by 4.5% to INR 722,000/t w-o-w ($8,882/t), while primary wire rod prices edged up by 5.8% to INR 785,000/t ($9,657/t) exw-Delhi yesterday.
Active buying of primary rods was seen as buyers expected a further price hike in the near term. Also, copper prices saw an upward trend on balanced supply-demand.
LME warehouse stocks fell by 2,550 t w-o-w, thereby supporting prices. Prices may remain supported in the near term.
- Zinc rises, lead up marginally
Domestic special high-grade (SHG) zinc ingots prices rose by 5.6% w-o-w on rising zinc three-month futures as well as strong demand in the domestic market. Prices were assessed at INR 292,000/t ($3,592/t) exw-Delhi. In addition, domestic re-melted lead ingots and refined lead ingots prices rose slightly by up to 0.5% w-o-w.
Leave a Reply