NALCO sharply cuts its aluminium ingot price by INR15900/t with effect from September 9
After two weeks of price hike on August 26, National Aluminium Company Limited’s (NALCO) both aluminium ingot and aluminium products prices have seen a sharp cut, with effect from Friday, September 9. NALCO has axed its aluminium ingot price by INR 15,900 per tonne or 7 per cent to INR 210,150- 213,650 per tonne.
NALCO's aluminium wire rod price has also been chopped by INR 15,900 per tonne from INR 229,550-233,900 per tonne on August 26 to INR 213,650- 218,000 per tonne. Seeing a cut of the same amount, NALCO’s aluminium billets price is ranging between INR 214,600- 217,250 per tonne versus INR 230,500-233,150 per tonne two weeks ago.
NALCO has sharply cut its aluminium ingot and aluminium products prices in response to the downtrend of the LME aluminium benchmark price. Between August 26 and September 8, the LME aluminium price nosedived by US$239 per tonne from US$2,495 per tonne to US$2,256 per tonne.
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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.
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