BHUBANESWAR: The Navartna PSU and India's largest producer and exporter of alumina and aluminium, National Aluminium Company Limited has hiked domestic prices of metal by Rs 6,000. Now it will sell the metal at Rs 1.09 lakh per ton.
Nalco director, finance, B L Bagra on Monday told “The ET”, "The increase in the LME prices of metal has forced us to increase by Rs 6000 to keep parity with international price. The LME cash price on a cost, insurance and freight basis has crossed USD 2300 [Rs 1,03,500]”.
Nalco also recently sold 9,000 tons of aluminium ingots at USD 88 per ton premium over the average LME cash price on a cost, insurance and freight basis, USD 10 more than the last tender.
Mr Bagra said that the buyer, Swiss trader Glencore, would be supplied in six batches of 1,500 tons each of the metal from April to September. Buyers keenly watch NALCO's sale prices as it serves as an international benchmark.
Nalco on March 12, 2010 had sold 3,600 tonnes of aluminium ingots at a premium of USD 78 per ton over the average LME cash price on a cost, insurance and freight basis.
The Company is quite bullish about the metal price as it commits itself for 100% capacity utilization of its aluminium smelter at Angul to produce 4.6 lakh tons of metal and 16.58 lakh tons of alumina from its refinery at Damanjodi.
Besides, the Company has set higher financial targets and early completion of its on-going second phase expansion projects in the current fiscal.
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