India Aluminium Scrap prices drop; MCX Aluminium gains in line with London, Shanghai prices
MUMBAI (Scrap Register): India major Aluminium scrap prices dropped on the Scrap Register Price Index as on Wednesday, while aluminium futures prices at India's Multi Commodity Exchange advanced tracking a jump in London and Shanghai as a strike affecting Alcoa’s alumina refineries in Australia and warnings of shutdowns by Rusal supported prices.
India's major Aluminium scrap commodities prices including aluminium accessories scrap, aluminium rod company, aluminium rod local, aluminium sheet cutting, aluminium sheet cutting and aluminium wire scrap declined on the Scrap Register Price Index as on Wednesday.
The most active August aluminium contract on the Multi Commodity Exchange has gained by 3.69 percent to Rs. 144.60 per kilogram on Wednesday from previous close of Rs. 139.45 a kilogram. The MXC aluminium prices touched an intra-day high of Rs. 144.85 per kilogram and an intra-day low of Rs. 139.35 a kilogram during Wednesday.
The Alcoa plants account for around 9.3 million tonnes of capacity or some 8 percent of the world’s supply of alumina, the substance used to make aluminium.
Alcoa workers in Western Australia have walked out indefinitely over an enterprise agreement dispute with the aluminium maker, the Australian Workers’ Union (AWU) said on Wednesday.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)