MUMBAI (Scrap Register): India's major aluminium scrap commodities prices remained flat on Friday, while aluminium futures prices at Multi Commodity Exchange settled slightly up at 124.90 per kilogram.
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The major aluminium scrap commodities on the Scrap Register Price Index showed a steady trend on Friday. India's major aluminium scrap commodities like aluminium cable scrap, aluminium ingots, aluminium rod company, aluminium rod local, aluminium scrap 6063, aluminium scrap taint/tabor, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap showed a flat trend on Friday.
The most active March aluminium contract on Multi Commodity Exchange down by 0.84 percent to Rs. 124.90 per kilogram on Friday from previous close of Rs. 123.85 per kilogram. The MXC aluminium prices touched an intra-day high of Rs. 125 per kilogram and an intra-day low of Rs. 123.30 per kilogram during Friday.
Russian aluminum producer Rusal expects global aluminum deficit to widen to 1.1 million metric tons in 2017 from 0.6 million mt in 2016, as strong demand growth is seen outpacing the increase in supply.
China's aluminum demand is expected grow by 6.7% to 33.5 million mt in 2017, while demand outside of China is forecast to rise by 3.3% to 29.2 million mt.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)