INDIA February 16 2017 5:16 PM
MUMBAI (Scrap Register): India's major aluminium scrap commodities prices climbed on Wednesday in line with aluminium futures prices at Multi Commodity Exchange as support seen after a draft policy document suggested China will constrict production next winter to help improve air quality.
The major aluminium scrap commodities on the Scrap Register Price Index climbed on Wednesday. India's major aluminium scrap commodities like aluminium rod company, aluminium rod local, aluminium sheet cutting and aluminium wire scrap traded higher on Wednesday.
The most active February aluminium contract on Multi Commodity Exchange gained by 1.15 percent to Rs. 127.35 per kilogram on Wednesday from previous close of Rs. 125.90 per kilogram. The MXC aluminium prices touched an intra-day high of Rs. 127.45 per kilogram and an intra-day low of Rs. 125.20 per kilogram during Wednesday.
However, aluminium prices at both Shanghai Futures Exchange and London Metal Exchange, have rebounded during January and have performed increasingly stronger this year on news of the impending aluminium curb plan.
A recent proposal by China’s government to halt some coal and metals production facilities to fight air pollution over the winter could affect alumina refineries and would create shortages of alumina, if implemented, but would have a limited impact on aluminium supply.