India: Imported aluminum scrap prices rise by up to $60/t w-o-w

The Indian imported aluminium scrap market witnessed positive trends in all grades by up to $60/t w-o-w, SteelMint's assessment shows.

UK-origin aluminium wheel prices showed a big rise by $60/t to $2,300 CIF Nhava Sheva today. The rest of the scrap grades showed a rise of around $10-50/t w-o-w. The global aluminium markets have been experiencing some levels of volatility and fluctuations, with bid-offer disparity of around $40-50/t.

The aluminum market in the northern region is facing significant problems due to limited logistics and operational activities, leading to various challenges and disruptions in the entire supply chain.

"Aluminum demand in the northern region is currently stable, ranging from moderate to slightly satisfactory. However, despite the relatively stable demand, the overall industry appears to be exercising caution, especially during the monsoon season," a market insider said.

Domestic scrap market scenario

Aluminium scrap prices moved up compared to the previous trading day, with tense prices standing at INR 154,000-155,000/t and utensil prices at INR 172,000/t, both exy-Delhi and excluding GST. The increase in prices was attributed to slight demand. Leading market participants believe prices will remain at current levels.

China's silicon prices almost firm

China's silicon prices remained almost firm w-o-w at $1,860/t CIF Mundra.

Recent deals

Around 40 tonnes (t) of Australia-origin copper motor mix were traded at $1,100/t, CIF West Coast of India.

Deals of around 100 t of taint tabor (TT) HRB scrap of US-origin were concluded at $1,650-1,690/t, whereas 40 t of Middle East-origin aluminium extrusion 6063 were traded at $2,100/t, CIF West Coast of India.

Around 8-10 containers of aluminium talk, of Malaysia-origin, were traded at $4,550/t CIF Mundra.

Around 4 containers of West Africa-origin aluminium tense were traded at $1,510/t CIF Mundra.

Around 200 t of aluminium TT (2-3%) of US-origin were traded at $1,680-1,700/t range CIF Mundra.

Around 170 t of aluminium wheels of Australia origin were traded at $2,355/t (out of which 9 containers were for Chennai and 2 containers for Mundra).

Around 50 t of Saudi-origin shredded aluminium tense were traded at $1840/t to China.

LME price trends

Aluminium prices on the London Metal Exchange (LME) touched $2,227/t today, fluctuating by $50-70/t w-o-w, SteelMint observed. Additionally, LME aluminium stocks decreased by 11,000 t w-o-w to 520,800 t yesterday.

Outlook

The market has already witnessed a positive movement after a three-week period of fluctuations. Thus, trade partners expect a slight price increase on rebound in demand.