Nalco lowers prices by 5%

Print this page Posted on : 05-27-2009 by recycleinme.com

National Aluminium Co lowered prices of the metal by as much as 5 per cent to match a drop in global rates. Prices were lowered by as much as Rs 5,000 ($105) a tonne to about Rs 91,700 a tonne, Chairman Mr C.R. Pradhan said in a phone interview from Bhubaneswar, where the company is based. The new prices are effective today, he said. Global aluminium producers cut daily production to 93,700 tonnes in March from 108,900 tonnes in September, according to the London-based International Aluminium Institute. Prices fell as the global economy had its worst slump since World War II, with the benchmark contract on the London Metal Exchange declining more than 50 per cent from its peak in July last year.

Source : Business Line