Nalco reduces aluminium ingots prices by over 2% after three consecutive hikes
After increasing aluminium ingots prices for past three consecutive times, National Aluminium Company Limited (Nalco) reportedly cut the ingots prices by over 2 per cent, with effect from Wednesday, November 20, as trade sources told Cogencis.
With this, the prices of the company ingots came down to the range of INR 147,950 per tonne to INR 151,450 per tonne.
Most aluminium producers link prices of their products to the three-month futures of aluminium on the London Metal Exchange, which are up only 3 per cent on the net basis so far in the current quarter, compared with a 7 per cent gain registered earlier.
Aluminium products and alumina account for nearly two-thirds of NALCO's gross topline. Sales of chemicals make up the rest of its revenue.
Shares of NALCO on November 21 closed at INR 41.25 on the National Stock Exchange, down nearly 2% from the previous level.
Alba’s Sixth Potline to be inaugurated by Bahrain King on Sunday, November 24
Next articleAluminium production in North America and South America up by 2% and 7% MoM in October
Grow with
AL Circle
