India's imported aluminium scrap costs fall on weekly basis due to monsoon delays

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India's imported aluminium scrap costs fall on weekly basis due to monsoon delays

Non-Ferrous 28 Jun 2024 02:02 PM IST ANI

India's imported aluminium scrap prices fell this week. This is mainly because the approaching monsoon impacts market demand even with stable LME aluminium prices. This market change is the outcome of the subsequent reduction in activity. The 3-month LME aluminium price barely changed weekly, staying around $2,500/t.

According to BigMint, tense scrap from the Middle East, mainly the UAE, fell by US$30 per tonne to US$1,800 per tonne. Furthermore, the price of UK-sourced zorba 95/5 fell by $50 per tonne, hitting $2,080 CFR on the west coast of India.

Meanwhile, a few grades like US tense 6-7% and UK taint tabor C/S recorded a drop of up to $25 per tonne w-o-w moving down to $1,835 per tonne and $1,780 per tonne CFR west coast. Despite the Middle East market being closed last week for the Eid holidays, which lasted five days from June 14-18, activities have remained sluggish this week. In May, India's aluminium scrap imports increased by 19% compared to the previous month, following a 5% rise in April, according to provisional data from BigMint. The imports reached 161,644 tonnes in May, up from 135,816 tonnes in April.

"In India, buying interest is expected to stay low until after July. Alloy manufacturers have enough scrap stocks to meet orders for the next 1-2 months because of delayed shipments that arrived in May from orders placed between January and March," said an alloy manufacturer.

Looking ahead, imported scrap prices are expected to experience slight adjustments due to weak demand. Globally, uncertainty continues to impact LME aluminium prices, which have fallen to $2,500 per tonne after reaching a two-year high of $2,750 per tonne at the beginning of May.

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India's imported aluminium scrap costs fall on weekly basis due to monsoon delays

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