Aluminum majors may cut prices to counter slump
Nalco announces price cuts
Indian Aluminum companies till recently insulated from the upheavals in the global markets, have now started feeling the slump. Aluminum prices at the London Metal Exchange (LME) have come down to levels of $1310 to $1320 per tonne. Pubic sector company Nalco, slashed prices of ingots to Rs 80,850 per tonne, a reduction of Rs 1500 per tonne. Redraw rods from Nalco have been re-priced at Rs 57,850 per tonne as against Rs 89,450 in September. Though Hindalco may cut prices only on its ingots; the company is unlikely to slash prices of its value-added products like rolled products extrusions and foils. Earlier, the temporary shut down of Balco helped Nalco and Hindalco in beating recession through price increases, even as globally aluminum prices had dipped.
