India aluminium scrap prices stay flat; aluminium futures settle slightly higher

India major aluminium scrap commodities prices on the Scrap Register Price Index stayed flat as on Tuesday, while aluminium futures prices at Multi Commodity Exchange settled slightly higher at INR 121.05 per kilogram.

India's major aluminium scrap commodities like aluminium accessories scrap, aluminium cable scrap, aluminium ingots, aluminium rod company, aluminium rod local, aluminium scrap 6063 and aluminium scrap taint/tabor showed a flat trend on Tuesday.

The most active May aluminium contract on Multi Commodity Exchange edged up by 0.12% INR 121.05 per kilogram on Tuesday from previous close of 120.90 per kilogram. The MCX aluminium prices touched an intra-day high of INR 121.70 per kilogram and an intra-day low of INR 120.65 per kilogram during Tuesday.

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Aluminium output in China will refresh record high in May since growing profit brought by falling costs will incentive production.

China’s aluminium output rose 21.5% year-on-year to 3.03 million tonnes in April and rose 21.9% year-on-year to 12.02 million tonnes during January-April. Annualized aluminium capacity in operation increased 6.53 million tonnes from a year ago to 36.88 million tonnes in April.