India major Aluminium Scrap prices advance; Aluminium Futures up on Chinese demand

Published: Oct 28, 2016 18:08

Save

India major aluminium scrap commodities prices advanced on Thursday.

INDIA October 28 2016 2:18 PM
MUMBAI (Scrap Register): India major aluminium scrap commodities prices advanced on Thursday, while aluminium futures prices at Multi Commodity Exchange settled higher as the market focused on the likelihood of stronger Chinese demand.

The major aluminium scrap commodities on the Scrap Register Price Index advanced on Thursday. India's major scrap commodities like aluminium accessories scrap, aluminium rod company and aluminium rod local traded higher during the day.

The most active October aluminium contract on Multi Commodity Exchange settled slightly down by 1.07% to Rs. 113.25 per kilogram on Thursday from previous close of Rs. 112.05 per kilogram.

The MXC aluminium prices touched an intra-day high of Rs. 113.45 per kilogram and an intra-day low of Rs. 111.50 per kilogram during Thursday.

Prices also seen supported amid a broader reaction to China's steel capacity cuts, along with an improving outlook for the global economy.

Prices are booming and stocks are chronically low. Total registered SHFE inventory is just 84,981 tonnes. It has fallen by 212,000 tonnes this year and the headline figure has over the last few weeks hit lows not seen since September 2011.

Although partly due to production restraint in the first part of 2016, there are other factors at work here.

India Aluminium Scrap prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

16 hours ago

Before the holiday, the black chain is unlikely to see a trend-driven market [SMM Steel Industry Chain Weekly Report].

This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.

16 hours ago

17 hours ago

A00 Aluminum Prices Drop, Secondary Market Shows Divergence Amid Sluggish Demand

[SMM Aluminum Alloy Daily Review] A00 aluminum prices dropped by 200 yuan/mt from the previous trading day to 23,140 yuan/mt, while SMM ADC12 prices edged down by 50 yuan/mt to 23,550 yuan/mt. Today, secondary aluminum market quotations showed some divergence, with some enterprises choosing to hold steady and wait, while others lowered their offers by about 100 yuan/mt. Driven by the price pullback, downstream purchasing mainly focused on restocking at lower levels, and transaction activity improved slightly compared to the previous period. Overall, downstream demand continued to contract, and fundamental support for prices weakened marginally. Before the holiday, secondary aluminum alloy prices are expected to remain in the doldrums at high levels, with the price center pulling back sligh

17 hours ago

22 hours ago

The Most-Traded SHFE Tin Contract Opened Lower and Then Traded Stronger, Spot Market Recovers Amid Downtrend [SMM Tin Midday Review]

[SMM Tin Midday Review: The Most-Traded SHFE Tin Contract Opened Lower and Then Traded Stronger, Spot Market Recovers Amid Downtrend]

22 hours ago