NALCO further chops its aluminium ingot price by INR 13000/t on the onset of new fiscal year 2023

As the fiscal year 2022 ends, National Aluminium Company Limited (NALCO) further chops its aluminium ingot and aluminium products prices, with effect from April 1 FY2023. The company’s aluminium ingot price has seen a sharp cut of INR 13,000 per tonne or 4.20 per cent to INR 296,250- 299,750 per tonne. The previous price cut was on March 30 by INR 8,200 per tonne to the range of INR 309,250- 312,750 per tonne.

Vedanta’s aluminium wire rod price has also been reduced by INR 13,000 per tonne, with effect from April 1, to come in at INR 298,750- 303,100 per tonne. Aluminium billets price is hovering around INR 299,700- 301,200 per tonne versus INR 312,700- 315,350 per tonne on March 30, meaning the product saw a cut of INR 13,000 per tonne as well over the two days.

NALCO links its aluminium ingot and aluminium products prices to the three-month future price of aluminium on the London Metal Exchange, which is why it has reduced its aluminium prices in tandem with the downswing of the global LME benchmark price. Between March 30 and April 1, the LME aluminium price slipped US$25 per tonne to stand at US$3,483 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.