India: Imported aluminium scrap market remains volatile

India's imported aluminium scrap market saw mixed sentiments throughout the week due to 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 is expected that post-Chinese Lunar New Year holidays market will get clearer directions but it remained unstable.

Some offers seem to be moderate specifically from Middle East suppliers. On the other hand, some sellers have given better offers considering LME's price levels.

"In the near term prices are likely to get minor corrections as moderate transactions in the non ferrous market is happening," an indenter told SteelMint.

Aluminium wheel scrap bid prices were observed sufficient gap among buyers specifically based from northern and western regions. Market participants held back their bookings and are waiting to get clearer market sentiments.

Scrap transactions

Recently, it was reported that a small parcels of scrap were being sold to varoius South East Asian countries by the UK, Europe and Saudi Arabian suppliers.

• Around 200 tonnes (t) of Zorba 98-3 of UK origin sold at $1,970/t CIF Klang.
  
  
• In another deal, around 250 t EU-origin Zorba 96-4 were sold at $2,010/t CIF Hong Kong.
  
  
• Four containers of trump 8-10% of attachment from Saudi Arabia were traded at $1,900/t CIF Haiphong.
  
  

SteelMint's assessment

• SteelMint's assessment for US-origin aluminium talk scrap is at $4,675/t CFR Nhava Sheva, up by $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.
  
  
• Aluminium wheels prices from the UK hovered at $2,420/t CFR Nhava Sheva today, plunge sharply by $120/t w-o-w.
  
  
• UK-origin Zorba 95-5 stood at $1,940/t CFR Nhava Sheva, down $40/t w-o-w.
  
  

LME's trend

Three-month aluminium futures and spot prices on the LME significantly dropped by $112/t on yesterday's trading session to $2,412/t against 7 February, 2023. Stocks of aluminium were assessed at 576,775 t which is an increase of 186,575 t w-o-w.