NALCO cuts aluminium ingot price by INR3000/t as LME aluminium price quits 13-year high

National Aluminium Company Limited (NALCO) has decreased its aluminium ingot and aluminium products prices as the LME aluminium benchmark price signs off from the 13-year high. With effect from Friday, September 17, NALCO’s aluminium ingot price has come in at INR 242,850-246,350 per tonne, down by INR 3,000 per tonne or 1.2 per cent from INR 245,850-249,350 per tonne on September 11.

NALCO’s aluminium wire rod price has also seen a cut of INR 3,000 per tonne on September 17 from INR 248,350-252,700 per tonne to INR 245,350- 249,700 per tonne. The company’s aluminium billets price is standing at INR 246,300-248,950 per tonne, compared to INR 249,300-251,950 per tonne on September 11.

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NALCO links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which stepped down from US$3,000 per tonne, the highest in the last 13 years, to stand at US$2,869 per tonne as of Thursday, September 16. On Tuesday, September 14, the LME aluminium benchmark price plunged by US$103 per tonne to USS$2,847 per tonne. However, on a month-on-month basis, the price is up by US$225 per tonne from US$2,644 per tonne, and on a year-on-year basis, it is higher by US$1,110 per tonne than US$ 1,759 per tonne.

NALCO’s aluminium products and alumina account for nearly two-thirds of the company’s gross topline, while the sales of chemicals contribute to the rest. NALCO manufactures wire rods, billets, coils, and chequered sheets.