Home / Metal News / India major Aluminium Scrap prices advance; Aluminium Futures up on Chinese demand

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

iconOct 28, 2016 18:08
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

For queries, please contact Michael Jiang at michaeljiang@smm.cn

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

Related news

SMM Events & Webinars

All