India aluminium scrap prices remain stable; MCX aluminium inches up

India major aluminium scrap commodities prices remained flat on Monday, while aluminium futures prices at Multi Commodity Exchange settled slightly higher driven by expectations for demand recovery in Chinese aluminum market.

The major aluminium scrap commodities dropped on Scrap Register Price Index as on Monday. India's major scrap commodities like aluminium accessories scrap, aluminium ingots, aluminium rod company, aluminium rod local, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap were remained flat on Monday.

The most active March aluminium contract on Multi Commodity Exchange settled slightly up by 0.75 per cent to INR 107.40 per kilogram on Monday from previous close of INR 106.60 per kilogram. The MXC aluminium prices touched an intra-day high of INR 107.70 per kilogram and an intra-day low of INR 106.75 per kilogram during Monday.

The first half of the year will not see massive restarts of idled aluminum capacity and commissioning of new aluminum capacity in China. At its annual policy meeting over the weekend, China set a growth target of 6.5 percent as the baseline of a range through 2020, less than the 6.9 percent pace last year.

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