National Aluminium Company Limited (NALCO) has sharply reduced its aluminium products and aluminium ingot prices with effect from Wednesday, May 19, following a significant hike in prices on May 11. With the latest cut, NALCO’s aluminium wire rod price has come in at INR 209,050-213,400 per tonne, down by INR 8,800 per tonne or 4 per cent from a week ago. On May 11, NALCO’s aluminium wire rod price stood at INR 217,850-222,200 per tonne, witnessing a surge of INR 7,500 per tonne.
NALCO’s aluminium billets price has also been cut by INR 8,800 per tonne and is currently ranging between INR 209,000-211,650 per tonne, with effect from May 19.
NALCO is now selling its aluminium ingot price at INR 205,550-209,050 per tonne compared to INR 214,350-217,850 per tonne last week.
NALCO, like any other Indian aluminium producer, links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which after May 11 decreased by US$ 127 per tonne to come in at US$ 2,422.50 per tonne as of May 13. However, in the next three days, the price on LME increased to settle at US$ 2,468 per tonne but still reflected a week-on-week downfall of US$ 81.50 per tonne.
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.
Responses
