NALCO sharply cuts its aluminium prices by INR7800/t on Feb. 7 as LME price plummets by 5% through a week
National Aluminium Company Limited (NALCO) has slashed its aluminium ingot and aluminium products prices after four successive hikes in response to the LME aluminium price plunge during February 1-7, 2023. With effect from February 7, NALCO has curtailed its aluminium ingot price by INR 7,800 per tonne or 3.20 per cent to INR 236,150-239,650 per tonne. A week ago, the company’s aluminium ingot price stood at INR 243,950-247,450 per tonne.
NALCO’s aluminium wire rod price has also been cut by INR 7,800 per tonne, with effect from February 7. The price now ranges between INR 240,650-245,000 per tonne versus INR 248,450-252,800 per tonne as of February 1.
NALCO’s aluminium billets price is also reduced by the same amount to be sold at INR 240,600-243,250 per tonne, with effect from February 7, in contrast with INR 248,400-251,050 per tonne a week ago.
NALCO links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which slumped by US$138.50 per tonne through a week from US$2,611 per tonne on February 1 to US$2,472.50 per tonne on February 7.
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.
LME aluminium price loses US$14/t to US$2,472.50/t; SHFE price moves up by US$9/t
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