The country's leading aluminium producer, Nalco, today slashed prices of its products by up to Rs 3,500 a tonne after the rates of the metal softened on the London Metal Exchange.
"We have reduced prices of all our products by Rs 3,500 a tonne following movement of the metal on the London Metal Exchange," Nalco CMD C R Pradhan said.
Aluminium prices have nosedived by more than 50 per cent on account of slump in demand, especially from the automobile and construction sector, amid the global economic downturn.
The country's largest alumina producer 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 had said.
