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.
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
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.