labels: industry - general
Base metal producers hike prices of zinc, aluminiumn and leadnews
03 November 2006

Mumbai: Hindustan Zinc, the country's top producer of the metal raised zinc prices by Rs9,500 per tonne, or by 4.5 per cent, to Rs221,800 effective November 2. The company also increased the prices of lead by Rs3,100 per tonne, or 3.8 per cent, to Rs84,600 a tonne, a company release said.

The National Aluminium Company Ltd (NALCO) also announced a hike in the prices of aluminium products in the domestic market by Rs8,000 or by 6.3 per cent to about Rs133,950 a tonne. The price has been increased to align with global prices, a NALCO official said.

This is the seventh time HZL is raising prices in just about a month's time.

NALCO, India's second-biggest aluminium producer, is raising prices for a second month after the metal reached a five-month high on the London Metal Exchange (LME). The state-run NALCO had hiked prices by as much as Rs5,700 or five per cent last month.

Hindalco Industries Ltd., India's biggest aluminum maker, raised its prices by Rs9,000 to about Rs137,750 per tone on November 1.

Base metals were very volatile on the London Metal Exchange with lead and zinc setting record highs, while aluminium and nickel consolidated and copper and tin were under pressure. Also, the market fears the recent revision in China's customs duties to impact prices of aluminium in the short term, although average prices in 2007 are expected to be lower.

Aluminium rose to a five-month high of $2,835 a tonne on October 30. According to industry experts, aluminium prices may rise to $3,000 by the end of the year on rising demand from China and the US, the world's biggest users of the metal. The metal has gained 43 per cent in the past year.

 


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Base metal producers hike prices of zinc, aluminiumn and lead