Weekly round-up: Non-ferrous scrap prices head north

Non-ferrous metals prices on the London Metal Exchange (LME) London Metal Exchange rose up to 3.8% w-o-w. The dollar index, which measures the currency's value against a basket of six different currencies, was at 104.80, almost firm compared with the previous week.

Aluminium tense scrap prices rangebound

Aluminium scrap prices in India remained firm at INR 161,000/t ($1,907/t) w-o-w. Sources informed that there was a rise in supply of tense scrap in north India and transactions were moderate owing to lack of buying interest during the week.

Aluminium alloy ingot ADC12 prices corrected by INR 3,000/t w-o-w to INR 195,000/t ($2,386/t) on lower demand and subdued export market sentiments. The majority of importers and traders were cautious about purchases due to the high volatility in LME prices and mid-sized die-casting factories, particularly those based in the north, continued to operate at a lower capacity utilisation rate.

Imported aluminium market

Imported aluminium scrap prices corrected in line with futures contracts on the London Metal Exchange (LME).

In the beginning of this week, prices of Middle East-origin aluminium extrusion stood at $2,120/t; however, the indicative price yesterday was at $2,035/t CFR Nahva Sheva. Taint tabor was at $1,920/t, although yesterday it fell to $1,850/t CFR Nahva Sheva.

The price of UK-origin aluminium wheels was recorded at $2,410/t at start of the week but indicative prices rose to $2,475/t CFR Nahva Sheva yesterday. Similarly, the price of Chinese silicon metal was recorded at $2,470/t, although it fell to 2,400/t CFR Mundra on 3 March.

Copper scrap prices inch up

Copper armature scrap prices in India inched up w-o-w at INR 710,000/t ($8,689/t) exy-Delhi due to gradual increase in buying inquiries from China, which has bolstered market sentiments as being reflected in the domestic market.

Buying enquiries rose at the start of the month, resulting in decent domestic transactions. Recovery in China's economy, the world's top copper buyer, lent support to LME prices.

Primary wire rods prices remained rangebound w-o-w at INR 797,000/t ($9,754/t), as per SteelMint assessment.

US-origin aluminium talk scrap prices are assessed at $4,570/t CFR Nhava Sheva, down $225/t w-o-w on 28 Feb 2023, however the indicative price in the market was heard at 4,715/t at yesterday's closing, similarly offers for Middle east origin talk was $4,260/t at beginning of this week, however indicative offers has been heard at 4,590/t yesterday.

Zinc prices firm, lead prices inch up

Domestic special high-grade (SHG) zinc ingots prices inched down by 0.3% w-o-w to INR 275,000/t ($/t) exw-Delhi on limited demand despite a rise in LME prices. Furthermore, prices of domestic remelted lead ingots and refined lead ingots inched up by 1% on improvement in trading activities compared with last week.