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India aluminium scrap prices remain unchanged while MCX aluminium edges higher
Prices of major aluminium scrap commodities in India market stayed flat on the Scrap Register Price Index on Friday, May 12, while aluminium futures traded at Mumbai’s Multi Commodity Exchange got some breather. The contract that seemed to have formed a reasonably solid base above INR 120 per kg the past week surged on Monday, May 15, breaking above the resistance band of INR 121.5-122 per kg.
Trend analysis suggests the downward pressure on the light metal prices will ease if MCX aluminium manages to sustain above INR 122 per kg in the foreseeable future.
Prices of 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 remained unchanged on Scrap Register flat on Friday.
It is learnt from reliable sources that crackdowns on illegal aluminium capacity in China are going to affect capacity by 3-8 million tonnes. Aluminium ingot stocks in five major China markets including Shanghai, Wuxi, Nanhai, Hangzhou and Gongyi, fell sharply last week.
As of May 12, total stocks in these five regions were recorded at 1.195 million tonnes, down 31,000 tonnes from the previous week, SMM data showed.Get fresh Aluminium data and insights
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