India: Imported aluminium scrap prices rise w-o-w even as some grades witness tight supply
Imported aluminium scrap prices in India witnessed an uptrend w-o-w, with fluctuations of up to 1.7 per cent, amid recovery demand post-New Year holidays. Amid a rise in London Metal Exchange (LME) aluminium prices, certain scrap grades reported supply shortages.
BigMint's benchmark assessment for Tense scrap originating from the US stood at $1,830/tonne (t), rising by $10/t w-o-w, while wheels from the UK were priced at $2,410/t, up $40/t w-o-w, both CFR west coast, India.
This week, LME prices rose by around 2.62 per cent to $2,580/t.Meanwhile, stocks at LME-registered warehouses stood at 619,400 t, falling by around 7,000 t w-o-w.
In the first 11 months of 2024, China's total aluminium production increased by 4.6 per cent y-o-y, reaching 40.22 mnt. Meanwhile, the global refined aluminium market faced a supply deficit of 40,300 tonnes in October, with production at 6.09 mnt and consumption at 6.13 mnt.
The Indian imported aluminium scrap market showed signs of recovery as activity resumed following the holiday season. New trade engagements were observed, with transactions reported from both the US and the EU. However, bid-offer disparities were seen for certain grades, such as US Taint Tabor and Extrusion.
In contrast, UAE-sourced materials were preferred due to a significantly shorter transit time of 7-10 days. This made UAE-origin scrap a more efficient and timely choice for importers compared to the 30-45 days required for shipments from the US.
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