Nalco to issue sale tenders by end Nov

Nalco to issue sale tenders by end Nov
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First Published: Thu, Nov 13 2008. 02 52 PM IST
Updated: Thu, Nov 13 2008. 02 52 PM IST
Reuters
Mumbai: National Aluminium Co Ltd (Nalco) plans to sell 1,000 tonnes of aluminium and 30,000 tonnes of alumina via tenders that could be issued this month, the chairman of the state-run firm said on Thursday.
“Maybe these will be floated before the end of November,” C.R. Pradhan told Reuters.
The sale tenders would be in addition to two other sale tenders that opened this month.
On Wednesday, Nalco issued a 2,250 tonne tender for aluminium to close on Monday, and on 1 November it issued an alumina tender for an unspecified amount which closes next week.
Pradhan said the number of bids received at its tenders had fallen lately. The global credit crisis and economic slowdown has hit the metals sector hard, with construction activity and consumer goods demand slowing down worldwide.
“Earlier we were getting responses numbering maybe 12 to 15, but that has come down to 4 to 6,” he said. “If we get 2 or 3 then also it is ok, but the comfortable level is up to 5.”
Pradhan said Nalco had not cut back on production and inventories were not building up.
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First Published: Thu, Nov 13 2008. 02 52 PM IST