National Aluminium slashes price fourth time in October

Bhubaneswar, Oct 29 : The state-owned National Aluminium Co Ltd (Nalco), India's second largest aluminium manufacturer, has slashed basic metal prices for the fourth time this month to match international prices, a top company official said Wednesday.

“The standard aluminium prices were slashed last week by about Rs.8,000 a tonne,” Nalco's chairman and managing director C.R. Pradhan told IANS.

There are several other special discounts of about Rs.16,000 to Rs.17,000 a tonne offered to different buyers on different aluminium products, another senior official of the company said.

The price of standard aluminium ingots after the discount and reduction of prices has come down to about Rs.98,000 from Rs.99,000 per tonne, he said, adding prices had been slashed Oct 1, Oct 7 and Oct 18.

Nalco is India's largest manufacturer and exporter of alumina and is the flagship public sector undertaking of the ministry of mines.

The price cuts follows the changes in prices of metals at the London Metal Exchange (LME) and various other factors including changes in demand and supply.

Metal prices have fallen from a high of $3,300 per tonne in July to $1,885 on the LME last week. Nalco adjusts prices on a quarterly basis taking into account LME prices and the market situation.

--IANS