National Aluminium Co Ltd has extended its aluminium price cut with effect from last Friday, May 1, 2020. The prices of aluminium ingots are now, thus, ranging between INR 135,150 per tonne and INR 138650 per tonne, in contrast to INR 142,150-145,650 per tonne, as of April 23.
With the latest cut, the prices of aluminium billets are now hovering at INR 138850 per tonne to INR 141250 per tonne, down from INR 145,600 - 148,250 per tonne in the week ago.
The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on the London Metal Exchange. The contract is down by more than 20% so far in 2020 due to slower global demand following the coronavirus outbreak. As on May 1, 2020, the aluminium benchmark price on the London Metal Exchange stood at US$ 1,440 per tonne.
Aluminium products and alumina account for nearly two-thirds of NALCO'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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