India aluminium scrap prices hold steady on the Index; Govt to push for vehicle scrap policy

<p>India aluminium scrap prices remained fairly stable on Wednesday, February 8, while aluminium futures prices edged higher at Mumbai's Multi Commodity Exchange, reported Scrap Register. Aluminium futures gained on the back of ongoing scanning of smelters by the government agencies in China which saw worries building up over possible production cuts. <br /><br />The major aluminium scrap commodities like aluminium cable scrap, aluminium ingots, aluminium rod company, aluminium rod local, aluminium scrap 6063, aluminium scrap taint/tabor, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap held steady on the Scrap Register Price Index.<br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/Indiavehiclescrap.jpg" alt="News" width="517" height="226" /><br />The most traded February aluminium contract on MCX stood at INR 123.20 per kilogram on Wednesday, inching higher by 0.37 per cent from the previous close of INR 122.75 per kilogram. MCX aluminium peaked intra-day high at INR 123.90 per kilogram and an intra-day low of INR 122.70 per kilogram during trading hours on Tuesday, January 7. <br /><br />{googleAdsense}<br /><br />Union transport minister Nitin Gadkari said last Sunday that the government is keen on implementing vehicle policy that aims at scrapping 15-year old commercial vehicles in the first phase, and it will send the proposal to GST Council after Cabinet nod. The Voluntary Vehicle Fleet Modernisation Programme (V-VMP) policy aims to take 28 million old vehicles off the Indian roads.<br /><br />Mr Gadkari added that metal scrap recycling units would also be set up at industrial clusters across the country under the government's ambitious Sagarmala project and automobile parts that will be made from scrapped aluminium, steel and copper etc. would become cheaper as a result of metal recycling.&nbsp;&nbsp;</p>