India aluminium scrap prices increase in line with aluminium futures

<p>India major aluminium scrap commodities prices increased on the Scrap Register Price Index as on Friday in line with aluminium futures prices at India's Multi Commodity Exchange amid worries about supplies from China have been reinforced by Shandong province, which ordered the closure of 3.21 million tons of aluminium capacity.</p> <p style="text-align: center;"><img style="vertical-align: middle;" src="http://www.alcircle.com/uploads/images/aluminum-scrap-Aug16.jpg" alt="News" width="450" height="219" /></p> <p>India's major aluminium scrap commodities like aluminium rod company, aluminium rod local, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap traded higher on the Scrap Register Price Index as on Friday.</p> <p>The most active August aluminium contract on Multi Commodity Exchange advanced by 0.39 percent to INR 130.30 per kilogram on Friday from previous close 129.80 a kilogram. The MXC aluminium prices touched an intra-day high of INR 130.45 per kilogram and an intra-day low of INR 128.85 per kilogram during Friday.</p> <p>{googleAdsense}</p> <p>The shutdowns in Shandong province come as China's Ministry of Environmental Protection (MEP) said it was embarking on its fourth round of environmental inspections across eight provinces and regions, including Shandong.</p> <p>Chinese aluminium prices have skyrocketed amid a crackdown on overcapacity, but traders say final demand is weak and cuts may not be as big as expected.</p> <p>China, the world's largest producer of the metal, is forcing illegally built plants to close and pursuing others that have not met environmental targets as it pushes to clear its skies and shore up loss-making industries.</p>