India: Imported aluminium scrap market remains volatile with limited buying interest

India's imported aluminium scrap market witnessed volatility throughout the week due to fluctuations in the major commodity exchanges like London Metal Exchange (LME) and Commodity Exchange Inc. (COMEX).

Due to the bid-offer disparity and price variations from sellers of different origins, market participants moved to the sidelines for the time being.

Interestingly, prices of aluminium taint tabor (TT) of Middle East fell sharply w-o-w due to a slump in LME prices last week. However, towards the start of this week, prices rebounded to the previous levels.

Some US-based sellers increased talk scrap prices up to 53% for the 3-month LME future contracts amid healthy gains w-o-w. However, buyers' bid range increased by 0.5% to 52% in the last session. Nonetheless, the gap in bid prices among regional buyers was wide.

SteelMint's assessment

• US-origin aluminium talk scrap prices are assessed at $4,795/t CFR Nhava Sheva, up by $120/t w-o-w.
  
  
• Aluminium's taint tabor of Middle East-origin was offered at around $1,950/t, CFR Nhava Sheva, down by $65/t w-o-w.
  
  
• Aluminium extrusion scrap offers from the Middle East stood at $2,190/t, a decrease of $30/t w-o-w.
  
  
• Aluminium wheels prices from the UK stood at $2,440/t CFR Nhava Sheva, up by $20/t w-o-w.
  
  
• UK-origin zorba 95-5 prices stood at $1,920/t CFR Nhava Sheva, down $20/t w-o-w.
  
  

LME's trend

Three-month aluminium futures and spot prices on the LME increased significantly by $49/t to $2,457/t in the yesterday's trading session as against the last assessment on 14 February 2023. Stocks of aluminium were recorded at 585,750 t, down 15,850 t w-o-w.