NALCO cuts its aluminium ingots price by INR2600/t with effect from May 9
"National Aluminium Co Ltd" has cut the prices of its aluminium ingots for the sixth time in a row. With effect from Saturday, May 9, the prices of ingots came in at INR 132,550-136,050 per tonne, down nearly 1.92% or INR 2,600 per tonne from INR 135,150 per tonne-INR 138,650 per tonne on May 1.
With the latest cut, the price of aluminium billets now stands at INR 136,000 – 138,650 per tonne, down from INR 138,850 per tonne-INR 141,250 per tonne on May 1.
The "Indian aluminium producers" generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The contract is down more than 19% so far in 2020 due to slower global demand following the "coronavirus outbreak".
"Aluminium products" and alumina account for nearly two-thirds of NALCO'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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