TODAY'S TOP HEADLINES



  TODAY'S TOP HEADLINES

 

 *** China may hike tax rebate to stimulate export

  *** Aluminium at lowest price for five years

  *** Turkish domestic scrap prices increase

  *** China's Xingye starts new 1m t/y scrap processing plant

  *** China set to reject plea for coke export tax cut

  *** Taiwanese mill plans to cut HRC, CRC prices in February

  *** US silicon market in winter freeze as consumers stay away

  *** European magnesium prices unchanged, but vulnerable

  *** Ferro Alloys short supplies expected in Indian Market

  *** International foundry and refractory chrome ore

      suppliers in trouble

  *** Indian ferrochrome export market calms down

  *** Asian ferrosilicon demand still slow

  *** Chinese ferrosilicon market stable and quiet

 

Move fast, steel centers say of build projects ::

 

U.S. steel service center executives are closely watching the progress of legislation to pump federal dollars into infrastructure projects, and while they disagree on the ultimate impact a stimulus package might have they stand in agreement on at least one facet: It can’t come soon enough.

 Aluminum upbeat, eyes on Obama’s first moves

 

Desperate for demand conditions to improve, the aluminum industry is hopeful that President Obama’s proposed $825-billion stimulus package will spur metal consumption, but there is still a great deal of skepticism due to a perceived lack of concrete details.

  

 Toyota Poised to Wrest World's Biggest Automaker Title From General Motors ::

 

Toyota Motor Corp. is poised to end General Motors Corp..’s 77-year reign as the world’s largest automaker after avoiding the worst of the meltdown in global auto demand.

 Toyota names Akio Toyoda as new president ::

Toyota Motor on Tuesday named Akio Toyoda as its new president, turning to the grandson of its founder to rescue the company from its biggest ever crisis.

  

21/01/09 Chinese Spot Price

 

|Motor copper |$3,586 |

|#1 Bare Bright |$3,914 |

|Shred Taint |$1,271 |

|Shred Tense |$1,300 |

|#1 Nickel |$13,000 |

|Shred Zinc |$1,214 |

|304 SS Sabot  (18-8) |$1,386 |

|Lead |$1,500 |

|HMS |$330 |

|AOO Al Ingot |$1,757 |

|Shred SS |$1,329 |

|(Ni = 7.8~8.0%) | |

|Steel-making Pig Iron |$329 |

|Casting Pig Iron |$400 |

|  |

| US silicon market in winter freeze as consumers stay away:: |

| |

|The U.S. silicon market is in a period of winter hibernation as consumers sit on the sidelines amid a major downturn in end-user markets. Business activity has so |

|far failed to pick to up. |

|  |

|European magnesium prices unchanged, but vulnerable:: |

| |

|European magnesium spot prices have been unchanged in quiet conditions in the past week although the market is vulnerable to losses against weak demand, dealers |

|told Metal-Pages on Wednesday. |

|  |

|Adanac Molydenum up for sale:: |

| |

|Adanac Molybdenum says the company could be sold, if investors can’t be found, after it was given a stay of execution from bankruptcy by the British Columbia |

|Supreme Court, under Canada’s Companies' |

|  |

|Chinese FeMo picks up, FeV struggles:: |

| |

|China’s ferro-molybdenum market has picked up again during the past week on increased demand from end-users and low availability of spot material as Chinese New |

|Year holiday approaches. |

|  |

  

|Chung Hung Steel announces February shipment price :: |

|  |

|Taiwan Chung Hung Steel (CHS) has announced its February shipment price. |

| |

|The company’s new hot roll steel price for Taiwan’s domestic market will be about NT$18,200~18,500/ton, its new price for cold roll steel product will be |

|NT$21,000 to 21,500/ton and its new price for GI steel product will be the same as last two months, at NT$23,000 to 23,500/ton. |

| |

|After this Chinese New year galvanized steel price is likely to rise; therefore, CHS has canceled its GI purchasing project to its domestic buyers, which means |

|CHS will not offer discount of GI prices in Taiwan’s domestic market after this Chinese New Year. |

  

|China's steel export facing much more pressures :: |

|  |

|Steel prices have remained up for 5 weeks in Chinese market, which is resulted in decreased competency in world market. |

| |

|China now is facing much more pressures especially from Russian Federation. Since last month, China increased its HR price reversely to declining international |

|prices, which is quoted for US$100-200/ton higher than Russian mills. |

| |

|More, China’s up-trended currency and stricter trade protection policies have damaged Chinese steel export seriously. In last quarter in 2008, anti-dumping |

|tariff were added on Chinese steels from North America, India and EU respectively. |

  

|China’s chrome ore import declines in November of 2008 :: |

|  |

|China imported 324,648 tons of chrome ore in November of 2008, around 50 percent down compared to the same month of last year. |

| |

|South Africa was the biggest exporter of chrome ore to China at 95,000 tons, decreased by 65.1 percent from last month. |

| |

|Turkey occupied 55,000 tons, dropped a lot by 52.2 percent. In addition, Oman occupied 60,000 tons, Australia 33,000 tons, Philippines 31,000 tons and India |

|occupied 18,000 tons. |

  

|Chinese steelmakers gain on price increase :: |

|   |

|Bloomberg reported that Baoshan Iron & Steel Co paced a rally by Chinese steelmakers in Shanghai trading as increases in product prices spurred optimism demand |

|may recover. |

| |

|Baoshan Iron, the country’s largest steelmaker, said it increased prices of cold-rolled products by CNY 300 per tonne for March delivery, confirming an earlier |

|report by researcher . That’s a gain of 8.7%. Hot-rolled coil prices were also raised by a similar amount or a 7.8% boost. |

| |

|Mr Cui Jingyi Guotai Junan Securities Co analysts and Mr Jiang Qiu in a note “The price hike reflects expectations for a pick up in demand after the Spring |

|Festival. They have a neutral rating on the steel industry.” |

| |

|China’s State Council, or cabinet, banned steelmakers from expanding capacity between January 20th and December 31st this year and said last week it will |

|encourage mergers and acquisitions in the industry as part of measures aimed at bolstering the industry. |

  

|Chinese copper sector in contrast with aluminium :: |

|   |

|Reuters reported that Capacity is dividing China's metals producers, with the country's top copper refiner looking for an upturn in a balanced market and the |

|leading aluminium firm hoping things will not get worse. |

| |

|According to the report, Aluminium smelters, like China's steel mills, are suffering from huge overcapacity and now face prices below production costs, forcing |

|many to shut in capacity. |

| |

|Mr Wen Xianjun vice chairman of China Nonferrous Metals Industry Association said "Oversupply and overcapacity in the aluminium industry in China will continue |

|in 2009 and lower international prices of aluminium would open the door to more imports of the metal into China. He said that therefore domestic aluminium prices|

|are not likely to rise in 2009." |

| |

|The scenario by Mr Wang Chiwei, executive director at China's top refiner Jiangxi Copper was starkly different. He said "I am bullish on long-term copper prices.|

|If the economic environment improves investors will select profitable markets to invest in and the copper market is one of them," |

| |

|Mr Wang said China is the world's top producer of copper but still produces less than it needs. Jiangxi Copper plans to lift refined copper output 12% in 2009 to|

|800,000 tonnes. He said that "That's the difference between copper smelters and other base metals smelters. Aluminium smelters have huge stockpiles and aluminium|

|prices have fallen steeply so the government can buy aluminium at a premium price." |

|  |

|*** |

|Participants cautiously positive towards the February cobalt sulfate market |

| |

| |

|*** |

|Cobalt market quiet in Japan |

| |

| |

|*** |

|Cadmium price will not go up sharply after the Spring Festival |

| |

| |

|*** |

|Silicon metal market quiet in South Korea |

| |

| |

|*** |

|European Cr metal prices topple again |

| |

| |

|*** |

|European economy crisis keeps Si metal market weak |

| |

| |

|*** |

|Neodymium metal market quiet |

| |

| |

|*** |

|Producers are optimistic about ferrodysprosium market |

| |

| |

|*** |

|Zinc ingot market softens before Spring Festival |

| |

| |

|*** |

|Plants raise YEu oxide offer |

| |

| |

|*** |

|Vietnamese zircon sand prices relatively steady |

| |

| |

|*** |

|Titanium mill products prices see up |

| |

| |

|*** |

|Titanium sponge producers see more enquiries |

| |

| |

|*** |

|Manganese market remains quiet in Japan |

| |

| |

|*** |

|Silicon metal market stable |

| |

| |

|*** |

|Congo crises to affect tantalite supply |

| |

| |

|*** |

|Congo crises to affect tantalite supply |

| |

| |

|** |

|Selenium market stagnant in China |

| |

| |

|*** |

|Aluminum ingot price drops below RMB12,000/t in China |

| |

| |

|*** |

|Aluminum strip market keeps stagnant in China |

| |

| |

|*** |

|Concluded alumina prices are below RMB1,900/t |

| |

| |

|*** |

|Market of nickel oxide ore goes low |

| |

| |

|*** |

|Manganese demand cools down in China |

| |

| |

|*** |

|Tin concentrate suppliers hold high offers |

| |

| |

|*** |

|Gallium metal market remains weak in Japan |

| |

| |

|*** |

|Germanium smelters optimistic about the market after the Spring Festival |

| |

| |

|*** |

|Nickel market becomes steady again |

| |

| |

|*** |

|Bismuth metal market continues to go up in China |

| |

| |

|*** |

|North Copper: Copper output reached 90,000t in 2008 |

| |

| |

|*** |

|South Korean magnesium market quiet with prices slipping |

| |

| |

|*** |

|Magnesium prices down slightly |

| |

| |

|*** |

|Antimony prices high with few deals concluded |

| |

| |

|*** |

|European tungsten market sees no activity |

| |

| |

|*** |

|Thin trading in copper market |

| |

| |

|*** |

|European cobalt market taking a break |

| |

| |

|*** |

|Mercury metal market still quiet on weak demand |

| |

| |

|*** |

|Gallium market fairly steady |

| |

| |

|*** |

|Trading in zinc powder market stagnant |

| |

| |

|*** |

|Zinc oxide market quiet |

| |

| |

|*** International foundry and refractory chrome ore suppliers | |

|*** Australia producers see improvement on Mn ore market | |

|*** Indian ferrochrome export market calms down | |

|*** Chinese chrome ore market still weak on low demand | |

|*** Chinese ferrochrome market still quiet | |

|*** Asian ferrosilicon demand still slow | |

|*** Chinese ferrosilicon market stable and quiet | |

|*** European FeTi market appears slightly firmer | |

|*** European FeMo market slow | |

 

|Indian secondary steelmakers cut output :: |

|  |

|Due to the continuously weak steel demand in the market, Indian secondary steel producers such as Maa Mahamaya Steels, Simhadri Steels have reduced production by |

|20~50 percent over the last four months, according to market source. |

| |

|Each steel unit's daily production capacity is about 60~200 tons and uses steel ingot and billets as raw materials, mostly supplied by Vizag Steel and SAIL. |

 

|Far East's demand for steel surges :: |

|  |

|As the steel demand from Far-East area market increased, both Russia and Ukraine planed to increase their production and raised the steel product price. |

| |

|Both hot rolled coil price and cold rolled coil price in CIS countries increased by about US$30/ton and US$60/ton respectively. And the quote price of hot rolled |

|and cold rolled steel for February production was at US$400~440/ton and US$450~500/ton respectively. |

| |

|Buyers from Middle East areas are expected to come back to the market in the second quarter. And buyer in South East areas has begun to purchase hot rolled plate |

|steel recently. There is about 5,000 tons of Russia’s hot rolled plate steel to arrive at Singapore in April or May. |

 

|India's aluminum output up :: |

|  |

|During April-December in 2008, Indian state-owned and private mining companies have obtained a total output of 985,190 tons of aluminum, up from 923,098 tons a |

|year earlier. |

| |

|Data showed that the copper production in April-December period totaled 461,209 tons, which is lower than the same period last year of 515,308 tons; zinc |

|production was 422,553 tons, higher than the same period last year of 313,801 tons; lead production increased to 44,632 tons, from 41,258 tons a year earlier. |

| |

|In addition, India produced 5.57 tons of gold, which is lower than the same period last year of 936 tons |

 

|LME base metals prices rise on Monday :: |

|  |

|Base metals prices on the LME have increased on Monday, except for aluminum price. |

| |

|Nickel price soared by US$445/ton to US$11,300/ton. Tin price increased US$250/ton and zinc price saw a rise of US$18.5/ton. |

| |

|Copper price got a boost of US$75/ton. Lead price was up US$10/ton. |

| |

|However, aluminum price dropped by US$42/ton to US$1,423/ton due to the building stock. |

 

 

|Malaysian steelmakers urge for lower electricity and gas prices :: |

|   |

|Bernama reported that Malaysian Iron & Steel Industry Federation has urged the government to cut electricity tariff and reduced the gas price as soon as possible. |

|In a statement, it said that the easiest and fastest method for the cut would be to revert to the levels of the previous rates before July 1st 2008. |

| |

|According to MISIF, the lower prices will assist the steel industry to better manage costs. The industry has since August 2008 suffered a 60% to 70% drop in demand|

|and also a severe reduction in prices of materials and products. It said that the reduction in energy cost will go along way to ease the situation for the |

|manufacturing sector, especially steel for which energy and gas contributed about 16% of production cost. |

| |

|It may be noted that on June 4th 2008, the government announced its decision to increase the gas price to the Malaysian power sector and a corresponding adjustment|

|to the electricity tariff, both effective from July 1st 2008. The gas price for industrial users consuming less than 2 million standard cubic feet per day was |

|increased from MYR 9.40 per million British thermal units to MYR 32.56 per million British thermal units, while for consuming above 2 million standard cubic feet |

|per day, it was raised from MYR 11.32 per million British thermal units to MYR 32.56 per million British thermal unit. The electricity tariff went up by 26%. |

| |

|MISIF is an industry group under the Federation of Malaysian Manufacturers and was formed to organise the iron and steel industry into an effective group to |

|represent Malaysia's interest in the Asean Iron & Steel Industry Federation. |

| |

|(Sourced from ) |

 

 

|Eurometal sees further steel prices fall in 2009 before recovery :: |

|   |

|Mr Nasser VP of Eurometal expects further prices fall in 2009 before the recovery of the market. He said that steel stock in Europe is likely to remain high in |

|January 2009 as the major customers do not work in this period. |

| |

|Mediterranean semis price decreased during a day by 0.2% to USD 332.5 per a tonne. For the steel shipped in three months, the price has increased to USD 361.5 per |

|a tonne. The price for Far East semis has not changed at USD 325 for shipment at once and USD 330 for shipment in three months.. The market participants expect |

|possible increasing pressure on semis prices if steel scrap shipments difficulties remains. However the situation is rather stable. |

| |

|At the same time European re bar producers have reported that steel scrap deficit makes them increase prices although the market is rather weak. As a result ex |

|works prices have increased from USD 400 to USD 410 per a tonne to USD 410 to USD 420 per a tonne. However, further prices growth is impossible as there will be no|

|demand at these prices, the manufacturers say. At further scrap prices growth they admit production stop. |

| |

|LME official prices for Mediterranean steel semis on January 14th 2009 made USD 330 per a tonne for shipment at once and USD 368 for shipment in 3 months. Far East|

|semis price was USD 330 for shipment at once and USD 335 for shipment in 3 months. |

| |

|(Sourced from prime-) |

 

|Aluminium falls to 2003 lows as stocks surge :: |

|  |

|Reuters reported that aluminium prices fell more than 4 % to the lowest level since September 2003 after a 51,875 tonnes jump took London Metal Exchange |

|inventories closer to record highs. |

| |

|Aluminium was last bid at USD 1,425, down from USD 1,470 per tonne at the close on Friday. It earlier fell as low as USD 1,415. |

| |

|Mr Justin Lennon, an analyst at Mitsui Bussan Commodities said that “We're already somewhat into the production cost-curve and as more inventory goes in, there is |

|just going to have to be more closures.” |

| |

|He added that “Until you have some demand to bleed down inventories by consumers, then new aluminium production is probably just going to be put on the exchange.” |

| |

|Aluminium used in transport and packaging has slumped more than 50% since a record USD 3,380 a tonne in July 2008. |

| |

|The size of the increase in aluminium stocks surprised some market watchers who had expected the growth of stocks to slow after rising more than 500,000 tonnes in |

|December 2008. |

| |

|(Sourced from Reuters |

  

 Moderate fall in metal prices on lower demand

 

Prices of tin, nickel, copper and aluminium declined moderately on the non-ferrous metal market here today due to lack of demand from industrial users.

 

However, brass moved up on good industrial demand.

 

Tin fell by Rs 10 per kilo to Rs 700 from yesterday's closing level of Rs 710, nickel by Rs 5 per kilo to Rs 675 as against 680 previously and copper sheets cutting by Rs 4 per kilo to Rs 214 from 218.

 

Copper cable scrap, copper scrap heavy, copper wire bar and aluminium utensils scrap moved down by Rs 3 per kilo each to Rs 220, Rs 218, Rs 248 and Rs 78 respectively.

 

Copper armiture ended slightly lower by Rs 2 per kilo to Rs 216 and copper utensils scrap also by a rupee per kilo to Rs 203.

 

However, brass utensils scrap and brass sheets cutting moved up by Rs 3 per kilo each to Rs 163 and Rs 168 respectiely.

information from

   

 Scrap metal dealers complain of unfair competition

 

Scrap metal dealers from communities adjacent to the Riverton City Landfill in Kingston said the emergence of unfair practices in recent times has severely threatened their livelihood.

 

According to some scrap metal entrepreneurs, other players in the industry with deep pockets appear to be getting preferential treatment in the lucrative scrap metal industry.

 

Councillor for the Duhaney Park Division, Kevin Taylor said close to 1,500 scrap metal dealers in the Riverton City area have been experiencing a dramatic decline in business.

 

Mr. Taylor told RJR News, the new scrap metal regulations introduced last year have done little to help small scrap metal dealers.

 

"Persons who are employed to and seem to be associated with the National Solid Waste Management Authority are now the persons who are purchasing the scrap metal,"

 

"It used to be persons from around the communities that the landfill is on that used to make these purchases and if this is so, then there needs to be some explanation,"

 

"I thought what they were trying to do was regulate but what they have really done is taken away the livelihood of people who were depending on that to feed their families and I am concerned about that,"said Mr. Taylor.

He also called on Minister of Industry and Commerce, Karl Samuda, to take immediate action to rectify the situation.

information from

 

   Iron ore exports jumped 39% to 13.6 million tonne in December

  

On the back of rising demand from China, the country's iron ore exports jumped 39% to 13.6 million tonne in December, 2008 against 9.8 million tonne in the same month a year ago.

 

This was brought out by a study conducted jointly by Minerals & Metals Trading Corporation, Goa Mineral Ore Exporters Association and Kudremukh Iron Ore Company.

 

But for the first nine months of the financial year exports are lower. Total exports during April-December, 2008 dipped 5.4% to 64.4 million tonne against 68.1 million tonne in the corresponding period last financial year.

India s annual iron ore production, a key input in steel making, is more than 200 million tonne, of which about 50% is exported. Globally, demand for steel has grown marginally in the last few weeks.

 

Some of the Chinese steel mills that had shut down as a result of low demand have now increased their production levels. This has in turn pushed up demand for the Indian ore, said Federation of Indian Mineral Industries president Rahul Baldota.

 

Besides, the government s move to reduce export duty on iron ore lumps from 15% to 5% has also boosted exports, Mr Baldota said adding that reduction in railway freight has also helped the domestic iron ore miners in a big way.

information from economictimes.

  

 Aluminium at lowest price for five years

 

 ALUMINIUM PRICES dropped to their lowest level for more than five years yesterday. The deteriorating outlook for demand was underlined by a further large rise in aluminium stocks held at London Metal Exchange warehouses.

The LME's benchmark three-month aluminium contract fell 3.1 per cent to $1,420 a tonne, after touching $1,409, its lowest level since September 2003.

 

Aluminium smelters have been reducing output as spot prices have sunk below break-even costs for many producers. The production cutbacks, however, have been unable to keep pace with the fall in demand. As a result, aluminium inventories have greatly risen over the past year.

Yesterday, stocks of aluminium held at LME warehouses jumped 51,875 tonnes, taking them to more than 2.53 million tonnes and within touching distance of the record 2.66 million tonnes reached in July 1994. In addition, traders estimate China has aluminium stocks of at least 1 million tonnes, mostly held off exchange.

 

Leon Westgate, of Standard Bank, said that in spite of the growing list of production cutbacks, smelters still had much more to do if supply and demand were to be brought closer to balance.

 

Standard Bank, which expects an oversupply of 900,000 tonnes in 2009 and about 630,000 tonnes in 2010, said aluminium prices were unlikely to recover much ground this year, forecasting an average of $1,790 a tonne.

Among the other base metals, copper rose 2.5 per cent to $3,440 a tonne, nickel gained 4.1 per cent at $11,300 a tonne, zinc inched up 0.7 per cent to $1,260 a tonne, lead edged up 0.2 per cent to $1,172 a tonne, tin added 1.4 per cent to $11,050 a tonne.

 

Trading in most commodity markets was quieter than normal due to a public holiday in the US.

 

In energy markets, crude oil prices remained under downward pressure with ICE March Brent falling $2 to $44.57 a barrel.

 

Dealers are using Brent as a barometer for the global energy market as the front month Nymex WTI contract has disconnected with other benchmark crude prices.

 

In electronic trading, Nymex February West Texas Intermediate, due to expire at the close of trading today, fell $2.01 to $34.50 a barrel. March WTI lost $1.87 at $40.70 a barrel. – (Financial Times service)

  

 

 China copper confidence contrasts with aluminium woe

 

 Capacity is dividing China's metals producers, with the country's top copper refiner looking for an upturn in a balanced market and the leading aluminium firm hoping things will not get worse. Aluminium smelters, like China's steel mills, are suffering from huge overcapacity and now face prices below production costs, forcing many to shut in capacity. "Oversupply and overcapacity in the aluminium industry in China will continue in 2009 and lower international prices of aluminium would open the door to more imports of the metal into China," Wen Xianjun, vice-chairman of China Nonferrous Metals Industry Association, said at a conference in Shanghai. "Therefore domestic aluminium prices are not likely to rise in 2009," he said. The scenario by Wang Chiwei, executive director at China's top refiner Jiangxi Copper, was starkly different. "I am bullish on long-term copper prices. If the economic environment improves, investors will select profitable markets to invest in and the copper market is one of them," he told reporters on the sidelines of the industry conference. China is the world's top producer of copper but still produces less than it needs. Jiangxi Copper plans to lift refined copper output 12 percent in 2009 to 800,000 tons, Wang said. "That's the difference between copper smelters and other base metals smelters. Aluminium smelters have huge stockpiles and aluminium prices have fallen steeply so the government can buy aluminium at a premium price." China Shops Abroad for Copper China's State Reserves Bureau (SRB) has been dipping into the market to stock up on aluminium, zinc and indium, as well as soft commodities such as rubber. But it appears to have backed away from a copper-buying plan after prices rebounded in recent weeks.. Chinalco, the State-owned parent company of China's flagship aluminium firm Chalco, sold the SRB 150,000 tons last month, Chinalco Vice-President Lu Youqing said, confirming earlier information from industry sources. Jiangxi Copper's Wang said his company could not afford to sell copper to the SRB because it only had enough for its own customers. That might force the SRB to buy on the open market. "The State Reserves Bureau has a lot of ways to purchase copper and probably it will purchase on the international market because domestic copper smelters have limited stockpiles for the government to buy," he said. Wang saw international copper prices averaging $4,000-4,400 a ton this year, implying a sustained 20-30 percent increase in the price for benchmark LME copper futures MCU3, which were trading at $3,372 a ton by 1045 GMT on Monday. Meanwhile Wen from the China Nonferrous Metals Industry Association said domestic aluminium prices were expected to stay below the cost of production in 2009. "However the room for a downturn in aluminium prices is limited because prices are lower than production costs and it's impossible for them to fall further, otherwise some high cost production capacity will have to quit the market forever.." The problem is global, according to analysts at Macquarie. "The aluminium market remains in a state of enormous oversupply, with prices being driven down to levels where around half of the global industry is believed to be losing money on a cash cost basis," the bank said in a note to clients on Monday. China's smelters appeared to be squeezed by low demand and high costs after Chalco said it had raised prices for alumina, the main ingredient in aluminium, by 10 percent to 2,200 yuan ($321.8) per ton, citing high term prices and rising demand for alumina. Chalco, the world's third largest alumina producer, is the main subsidiary of Chinalco, which also controls Yunnan Copper and the top shareholder in global miner Rio Tinto. Chinalco's profits more than halved last year due to weak aluminium and copper prices, Lu said.

  

  Nalco cuts aluminium prices by Rs 3,500 a tonne

 

  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 USD 200-250 a tonne mark and that of aluminium at USD 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 USD 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.

 

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download