On Thursday, May 4, domestic aluminium scrap prices in India remained range-bound d-o-d. Aluminium tense scrap prices stood at INR 163,000 per tonne - INR 164,000 per tonne, whereas, for utensils, the price closed at INR 172,000 per tonne. However, owing to moderate demand, the price of aluminium scrap in India remained steady.
Aluminium futures and spot prices on the LME rose on Wednesday from $2,321 per tonne to $2,305 per tonne. Futures and prices, however, remained range-bound between $2,310 and $2,350 per tonne w-o-w.
Scrap bids for 2-3% Fe attachment from US origin were reported to be approximately $1,770 per tonne-1,790 per tonne. According to credible sources, Zorba 95-5 grade bids were around $1,940 per tonne -$1,960 per tonne, while taint tabor with 2 per cent Fe attachment scrap was hanging around $1,800 per tonne. Aluminium stockpiles on the SHFE (deliverables) fell 25,835 tonnes last week to 235,809 tonnes.
Copper armature scrap prices increased by INR 2,000 per tonne to INR 706,000 per tonne. A rise in London Metal Exchange (LME) copper futures, which have exceeded $8,550 per tonne, may have contributed to the price increase.
Another aspect that may have contributed to the price rise is constrained supply in key global markets as LME warehouse stockpiles deplete. LME stocks were reported at 67,300 t, down 21,200 t from the start of 2023. Last week, copper stockpiles on the Shanghai Futures Exchange (SHFE) (deliverables) fell by 8,921 tonnes to 137,095 tonnes. Reduced warehouse stockpiles boosted the purchasing mood in India, prompting people to acquire copper ahead of time to prevent a price spike, according to SteelMint.
Received under the content exchange agreement with SteelMint
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