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While domestic steel prices would remain unchanged in December,the non-ferrous metals consumer will have to shell out more for the metals they consume.National Aluminium Company (Nalco) and Hindalco,Indias largest aluminium producers,on Thursday hiked aluminium prices by Rs 6,000 to Rs 1.025 lakh per tonne. Hindustan Zinc (HZL) ,the largest zinc producer in India, hiked prices of its produce by atleast 11% to Rs 95,000 per tonne.The hike in prices of the two non-ferrous metals was as per market expectations as global prices had increased considerably on the London Metal Exchange(LME).The price rise in the domestic market, has however, not been as sharp. Zinc prices have increased by $190 per tonne over the past one month on the LME to $1,521.But domestic aluminium and zinc manufacturers have avoided a steep price rise to keep the markets cool. A steeper hike in the domestic price of non-ferrous metals would dissuade buyers and may in turn impact volumes negatively ,said industry officials. Hindalco shares were up 2.2% at Rs 129,while Nalco was up 5.3% at Rs 209,HZL, shares closed 2% higher at Rs 243.6 on the BSE on Thursday. |
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| Posted : 12/2/2005 |
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