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INDIA: ALUMINIUM ADC12 PRICES CONTINUE TO REMAIN ON HIGHER SIDE W-O-W

Aluminium ADC12 alloy ingot automobile equivalent spot prices rose by INR 500/t
to INR 190,000/t despite range-bound Tense prices at INR 159,000/t exy Delhi,
excluding GST, as per SteelMint’s assessment.

In India, original equipment manufacturers (OEMs) experienced a m-o-m increase
in the prices of aluminium ADC12, rising by INR 6,000/t to reach INR 198,000/t
exw Delhi, excluding GST.

The current spread between tense and ADC12 stands at around INR 31,000/t ex
Delhi. Imported Tense scrap prices from the Middle East, particularly from the
UAE, fell by $15/t to $1,655/t yesterday. The current price of Tense (2-3%) from
the US was heard at $1,770-1,780/t. The price for zorba 95-5 from the UK stood
at $1,940/t, down $15/t w-o-w.


 

Tight scrap availability

One of the raw material traders shared that tight scrap availability in the
domestic market still exists. On the other hand, demand weighed up end-users’
bids gradually to ensure the smooth procurement.

Additionally, a major recyclable material exporter from the western region
anticipates that the future exchange market seems to be range-bound and may
fluctuate within a gap of USD 70-80/t amid the consistently maintained stock at
LME registered warehouse between 470,000t-480,000t for the last three-month.

Moderate trades

A second end-user shared that moderate trades are happening in the domestic
market as per the maintained operational activities and also a few overseas
trades to be heard at decent levels to usual East Asia countries but most of the
trade players couldn’t confirm this transaction.

Whereas, a few other trade players shared the auto sales volume which was also
recently announced by the Federation of Automobile Dealers Associations of India
(FADA).

India’s automobile sales surge

India’s automobile retail sales surged by 11% in 2023, reaching 2,38,67,990
units compared to 2,14,92,324 units in 2022, according to FADA.

Passenger vehicle sales rose 11% to 38,60,268 units, two-wheeler retail grew 9%
to 1,70,61,112 units, and three-wheeler retail sales increased by 58% to
10,80,653 units.

Commercial vehicle retail saw an 8% rise to 9,94,330 units, while tractor retail
jumped 7% to 8,71,627 units. In December 2023, overall domestic automobile
retail sales increased by 21% to 19,90,915 units.

However, three-month futures for aluminium are currently at $2,240/t, reflecting
a weekly decrease of approximately $70-80/t.

According to sources, the local price of Tense scrap is INR 158,000-159,000/t,
and ADC12 in Chennai is approximately INR 191,000-192,000/t, exw and excluding
GST.

Additionally, the price of Silicon 553 of Chinese origin has decreased w-o-w to
$2,150/t, down $5/t.

Outlook
The prices of ADC12 may remain supportive due to tight availability of scrap and
the upcoming monthly price announcement by a major automobile company which is
also a price settler might be largely positive.



--------------------------------------------------------------------------------

Posted

January 10, 2024

in

Aluminium, Aluminium, Non Ferrous

by

Drishya Yadav

Tags:

Aluminium ADC12 alloy ingot, India’s automobile retail sales surged by 11% in
2023, price of Silicon 553 of Chinese


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