BHUBANESWAR, India, March 17 (Reuters) - Indian metal producer National Aluminium Co Ltd (NALCO) has cut aluminium prices by 2,500 rupees ($55.2) per tonne in the domestic market, a senior company official said on Thursday.
"The revision was done to match with the falling LME (London Metal Exchange) prices," the official, who did not wish to be named due to company policy, told Reuters.
He said the basic price of standard aluminium ingots has been cut to 140,200 rupees a tonne and that of standard aluminium sow ingots to 140,150 rupees per tonne.
The new prices for all aluminium products, which were effective from Wednesday, will remain valid till March 31.
LME aluminium traded almost steady at $2,480 per tonne on Thrusday, after hitting a near 1-1/2 month low of $2,452 in the previous session, a level last seen on Jan. 28. ($1=45.3 Indian Rupees) (Reporting by Jatindra Dash; Editing by Ranjit Gangadharan,sourced:Thomson Reuters)
"The revision was done to match with the falling LME (London Metal Exchange) prices," the official, who did not wish to be named due to company policy, told Reuters.
He said the basic price of standard aluminium ingots has been cut to 140,200 rupees a tonne and that of standard aluminium sow ingots to 140,150 rupees per tonne.
The new prices for all aluminium products, which were effective from Wednesday, will remain valid till March 31.
LME aluminium traded almost steady at $2,480 per tonne on Thrusday, after hitting a near 1-1/2 month low of $2,452 in the previous session, a level last seen on Jan. 28. ($1=45.3 Indian Rupees) (Reporting by Jatindra Dash; Editing by Ranjit Gangadharan,sourced:Thomson Reuters)
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