India Aluminium Scrap prices remain flat

INDIA January 25 2016 3:41 PM     

MUMBAI (Scrap Register): India  major aluminium scrap commodities prices remained flat on Friday, while  aluminium futures prices at India's Multi Commodity Exchange settled slightly  lower, tracking weakness in other base metals counters as market is witnessing  under long liquidation.

The major aluminium scrap commodities dropped on  Scrap Register Price Index as on Friday. India's major scrap commodities like  aluminium accessories scrap, aluminium cable scrap, aluminium ingots, aluminium  rod company, aluminium rod local, aluminium scrap, aluminium scrap taint/tabor,  aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap  remained flat on Friday.

The most active January  aluminium contract on Multi Commodity Exchange settled slightly lower by 0.30%  to Rs. 100.75 per kilogram on Friday from previous close of Rs. 101.05 per  kilogram. The MXC aluminium prices touched an intra-day high of Rs. 101.95 per  kilogram and an intra-day low of Rs. 100.60 per kilogram during  Friday.

Moody's placed aluminium producer Alcoa and dozens of global  miners on ratings watch, citing a slump in commodities on oversupply and slowing  growth in China.

China's plans to set up funds to manage coal and steel  capacity closures and stockpiling schemes offer nervous markets some clarity on  the likely future make-up of the country's sprawling and predominantly state-run  metals and mining industries.