Indian Aluminum Producers Up Product Prices By INR3,500/Ton

MUMBAI, July 21 -- India's top aluminum producers--Hindalco Industries Ltd. (500440.BY) and National Aluminium Co. Ltd. (532234.BY)--have raised their product prices by INR3,500 per metric ton due to strong overseas prices, senior company executives said Tuesday.

The price hike will be effective as of July 16, the officials said, asking not to be named.

At 0930 GMT the three-month London Metal Exchange aluminum price was $1,970 per ton, up 0.2% on weak a dollar and hopes that China may avoid tightening policies further.

Nalco had already raised its product prices by INR3,000/ton on July 1.

Last month, B.L. Bagra, Nalco's finance director, said global aluminum prices are likely to trade between $2,000/ton-$2,200/ton in the next six months after falling during May-June.