INDIA May 15 2017 5:52 PM
NEW DELHI (Scrap Register): India major aluminium scrap commodities prices on the Scrap Register Price Index stayed flat on Friday, while aluminium futures prices at Multi Commodity Exchange ended up as support seen after China might cut aluminum production by as much as 1-1.5 million tons during winter heating season.
India's major aluminium scrap commodities like aluminium accessories scrap, aluminium cable scrap, aluminium ingots, aluminium rod company, aluminium rod local, aluminium scrap 6063 and aluminium scrap taint/tabor stayed flat on Friday.
The most active May aluminium contract on Multi Commodity Exchange settled higher by 0.90% Rs. 121.20 per kilogram on Friday from previous close of 120.85 per kilogram. The MXC aluminium prices touched an intra-day high of Rs. 121.55 per kilogram and an intra-day low of Rs. 120.65 per kilogram during Friday.
China’s crackdowns on illegal aluminum capacity will affect capacity by 3-8 million tons. Russian aluminium giant Rusal posted higher first-quarter recurring net profit on Friday amid stronger aluminium prices and said it was preparing to resume construction of its aluminium smelter in Siberia.
Aluminum consumption in China will grow 7-10% this year and the next and aluminum capacity in China will climb to 45 million tons by 2020.