Chinese Aluminum Scrap prices stay stable; SHFE Aluminum settles slightly higher

CHINA January 18 2016 2:54 PM

SHANGHAI (Scrap Register): Chinese aluminum scrap prices stayed stable on Scrap Register Price Index as on Friday, while zinc futures prices at Shanghai Futures Exchange settled higher amid weakness in other base metals counters as news on aluminum stockpiling by six large smelters has been digested.

According to the Scrap Register Price Index, the major Chinese aluminum scrap commodities like 6063 extrusion, aluminum scrap, aluminum can and EC Wire (Al >99%) stayed flat on Friday.

However, the most active 1603 aluminum contract on the Shanghai Futures Exchange settled slightly higher by 0.4% to 10,700 yuan per ton on Friday from the previous close of 10,660 yuan per ton. The SHFE aluminum prices touched an intra-day high of 10,750 yuan per ton and an intra-day low of 10,645 yuan per ton during Friday.

The stockpiling will be conducted in two stages, with the first stage in February this year and involves 1 million tonnes, while the second stage and amount involved is still in the air.