Chinese aluminium scrap prices stayed stable on Scrap Register Price Index as on Wednesday, while aluminium futures prices at Shanghai Futures Exchange traded down.
According to the Scrap Register Price Index, the major Chinese aluminium scrap commodities like 6063 10-10 extrusion, aluminium, aluminium can, EC wire (Al >99%) remained flat on Wednesday.
However, the most active August aluminium contract on the Shanghai Futures Exchange settled down by 45 yuan per ton to 13,220 yuan per ton on Wednesday from the previous close of 13,265 yuan per ton. The SHFE aluminium prices touched an intra-day high of 13,250 yuan per ton and an intra-day low of 13,185 yuan per ton during Wednesday.
Aluminium futures prices at Shanghai Futures Exchange at its weakest in a year on rising supplies. Aluminium is in oversupply with a huge stock overhang, and output has continued to rise this year, with the latest industry figures showing daily average production rising to 68,500 tonnes in April.
Norwegian metals producer Norsk Hydro has decided to go ahead with a previously planned increase of aluminium output at its Sunndal plant by 35,000 tons per year, starting in the middle of 2015, the company said on Wednesday.
Zhejiang Yaang Pipe Industry Co., Limited (www.yaang.com)