NALCO cuts aluminium ingots and products prices by INR2,600/t with effect from June 17
Following the two consecutive hikes, National Aluminium Company Limited (NALCO) has decreased its aluminium ingots and aluminium products prices by INR 2,600 per tonne or 1.8 per cent with effect from Wednesday, June 17. NALCO’s aluminium ingots price is thus, now hovering at INR 139050-142550 per tonne as compared to INR 141,650-145,150 per tonne as of June 11.
With the latest cut, the prices of aluminium billets have come in at INR142,500-145,150 per tonne, while the prices of aluminium wire rods have pegged at INR 143,550 – 147,900 per tonne.
Indian aluminium producers generally link the prices of its products to the three-month futures of aluminium on the London Metal Exchange. The three-month futures of aluminium are down by more than 10% so far in 2020 due to slower global demand following the coronavirus outbreak. Aluminium prices are expected to remain under pressure due to the COVID-19 pandemic.
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.
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