India Aluminium Scrap prices drop; Aluminium Futures remain flat

INDIA June 27 2017 4:08 PM

NEW DELHI (Scrap Register): India major aluminium scrap commodities prices dropped on the Scrap Register Price Index as on Monday, while aluminium futures prices at India's Multi Commodity Exchange remained flat as the market focused on rising supplies and exports from top producer China, lower output costs and higher inventories.

India's major aluminium scrap commodities like aluminium rod company, aluminium rod local, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap showed a down trend as on Scrap Register Prices Index on Monday.

The most active June aluminium contract on Multi Commodity Exchange remained flat at Rs. 120 per kilogram on Monday from previous close. The MXC aluminium prices touched an intra-day high of Rs. 120.20 per kilogram and an intra-day low of Rs. 119.20 per kilogram during Monday.

Aluminum ingot stocks in China’s five major markets (Shanghai, Wuxi, Nanhai, Hangzhou and Gongyi) fell at a faster pace last week, despite the ongoing off-season.  

Aluminum extrusion and alloy producers in Guangdong reduced aluminum scrap use in favor of aluminum ingot and billet against environmental protection checks, allowing local aluminum ingot stocks to fall sharply. This dragged down total stocks in domestic five major markets.