India Aluminium Scrap prices flat; Aluminium Futures down 1.38 percent
MUMBAI (Scrap Register): India major Aluminium scrap prices stayed flat on the Scrap Register Price Index as on Monday, while Aluminium futures prices at India's Multi Commodity Exchange settled down in line with London Aluminium.
Aluminium prices at London Metal Exchange prices fell on Monday, three days before the end of winter output curbs in top producer China, as investors worried that supplies are too plentiful to keep prices near six-year highs.
India's major aluminium scrap commodities prices including aluminium accessories scrap, aluminium cable scrap, aluminium rod company, aluminium rod local, aluminium scrap 6063, aluminium scrap taint/tabor, aluminium sheet cutting and aluminium wire scrap showed a steady trend on the Scrap Register Price Index as on Monday.
The most active March aluminium contract on India’s Multi Commodity Exchange fell by 1.38 percent to Rs. 135.50 per kilogram on Monday from previous close of 137.40 a kilogram. The MXC aluminium prices touched an intra-day high of Rs. 137.35 per kilogram and an intra-day low of Rs. 135.40 a kilogram during Monday.
Prices have been pressured by sharp increases in stocks in ShFE and LME warehouses, despite restrictions on Chinese smelter production from Nov. 15 to March 15.
Industry sources say there may be only a limited restart by these smelters from March 15 because prices are not high enough for some to break even.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)