Do you know the uses of aluminium and the aluminium price in India? Keep reading to find out. Before that, let’s explore its applications. Aluminium is a silvery-white substance and a non-magnetic and ductile metal. By mass, it consists of about 8% of the Earth’s crust. After oxygen and silicon, aluminium is the third most abundant element in the earth’s crust. Bauxite is the chief ore of aluminium.
The aluminium metal is extremely reactive. Therefore, most of the aluminium on Earth is found combined with over 250 different minerals. Aluminium is also a widely used non-ferrous metal, and the global production of the metal in 2016 was about 59 million metric tons, exceeding that of any other metal except iron, which is why analysing aluminium market prices is appealing for many commodities investors.
The most common usage of aluminium is in the food and beverage industry where it is extensively used in the making of aluminium tin foils for food storage. In the transportation industry, it is required in the manufacture of automobile parts, railway carriages, marine vessels, and aircraft.
Aluminium future prices dropped by 15 paise to reach Rs 131 per kg. With aluminium being used in a range of industrial purposes, it is wise to add it to your investment portfolio.