NALCO cuts its aluminium ingot price by INR4500/t or 1.7% with effect from February 1

National Aluminium Company Limited (NALCO) slashed its aluminium ingot and aluminium products prices, with effect from, Tuesday, February 1, following five consecutive hikes since January 7. With the latest cut, NALCO’s aluminium ingot price came in at INR 260,550-264,050 per tonne, down by INR 4,500 per tonne from INR 265,050-268,550 per tonne on January 29.

NALCO’s aluminium wire rod price also underwent a cut of INR 4,500 per tonne on February 1 to range between INR 263,050-267,400 per tonne versus INR 267,550-271,900 per tonne on the previous day.

Aluminium billets price is currently hovering around INR 264,000-266,650 per tonne after being reduced by INR 4,500 per tonne on February 1.

NALCO links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which from January 31 to February 2 plunged by US$33 per tonne to settle at US$3,043 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.