INDIA March 10 2016 6:30 PM
MUMBAI (Scrap Register): India major aluminium scrap commodities prices advanced on Wednesday in line with aluminium futures prices at Multi Commodity Exchange as the world's biggest aluminium producer Rusal said on Wednesday it planned to start its Boguchansk smelter in the first half of the year, but also said output growth in top producer China would be the lowest in five years.
The major aluminium scrap commodities advanced on Scrap Register Price Index as on Wednesday. India's major scrap commodities like aluminium accessories scrap, aluminium sheet cutting and aluminium wire scrap traded down on Wednesday.
The most active March aluminium contract on Multi Commodity Exchange settled slightly up by 0.75% to Rs. 106.25 per kilogram on Wednesday from previous close of Rs. 105.75 per kilogram. The MXC aluminium prices touched an intra-day high of Rs. 106.40 per kilogram and an intra-day low of Rs. 105.10 per kilogram during Wednesday.
Russia's Rusal Plc plans to start its new Boguchansk aluminium smelter in the first half of 2016, the company said on Wednesday, after reporting a 53 percent slide in its fourth-quarter core profit.
Rusal, the world's largest aluminium producer, has been hit by weak metal prices and the start of its Boguchansk smelter in Russia's Krasnoyarsk region has been repeatedly postponed.