The rates of National Aluminium Co Ltd's aluminium ingots are at their highest level in two months after the company hiked the prices of these products on Friday. The government-owned aluminium maker has raised the prices of these products by 1% in the domestic market. This was following the recent rise in three months aluminium price in LME. The prices of its products were down over 2% at the end of the June quarter compared with the end of the March quarter.
As of July 19, 2019, the price of Nalco’s IC20 aluminium ingot stood at INR 15,2050 (US$ 2206) per tonne. This was about INR 14,9550 (US$2170) per tonne on July 1 2019.
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Other two major aluminium producers Hindalco and Vedanta have also raised their ingot prices in the domestic market. The price of Hindalco’s P1020 EC Grade Ingot & Sow with 99.7% purity was raised to INR 14,4500 (US$2097) per tonne on July 19, 2019. The price of the same product stood at INR 14,2750 (US$2071) per tonne before the hike.
According to Balco’s price list, the price of P1020 EC grade ingot with purity above 99.7% was raised to INR 14,4500 (US$2097) per tonne on July 19, 2019. The price stood at INR 14,3000 (US$2075) per tonne before this hike.
As on July 19, aluminium ingot prices for Nalco, Hindalco and Vedanta stood at US$ 2206 per tonne, US$2097 per tonne and US$2097 per tonne respectively.
The Indian producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. As on July 19, Friday, LME aluminium three months price stood at US$ 1856 per tonne, up about 4.5% from US$ 1776.50 per tonne one month back.
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