New Delhi: The country’s leading aluminium producer, Nalco, on Monday, slashed prices of its products by up to Rs3,500 a tonne after the rates of the metal softened on the London Metal Exchange.
“We have reduced prices of all our products by Rs3,500 a tonne following movement of the metal on the London Metal Exchange,” Nalco CMD CR Pradhan said.
Aluminium prices have nosedived by more than 50% on account of slump in demand, especially from the automobile and construction sector, amid the global economic downturn.
It sees the prices of raw material stabilising at about $200-250 a tonne mark and that of aluminium at $1,700-1800 a tonne.
The company, which has lined up multi-billion dollars investment plans in India and overseas, had seen aluminium prices touching the peak of $3,800 a tonne earlier, last year.
Due to the falling offtake, the industry is expected to witness a gloomy Q3, the firm maintains.
“The industry will post lower result in the third quarter of this fiscal,” Pradhan said.