NEW DELHI, Aug 26, 2011 (Dow Jones) -- Global aluminum prices are expected to remain range-bound in the near term as global inventories are at record levels, Hindalco Industries Ltd. (500440.BY) said in its annual report Friday.

"Aluminum inventories across the globe are near all-time high. But most of these inventories are reportedly bound in financing deals and are not expected to flood the market," it added.

Indian base metals companies price their products based on the London Metals Exchange three-month futures contracts.

It added that India's aluminum demand, which has been growing at 14% a year over the past few years, will continue to rise at a fast clip as the country sets up several new power plants.

Turning to copper, the company said treatment and refining fees paid by miners, the main source of profit for smelters, is expected to improve in the financial year beginning April 1.