Hindustan Zinc, Hindalco, NALCO cut prices

Hindustan Zinc slashes prices by 6.5% to Rs127,500 per ton. Hindalco, India`s biggest aluminum producer and its No.2 rival NALCO cut prices by Rs5,000 a ton each. Hindustan Zinc Ltd., Hindalco Industries Ltd. and National Aluminium Co. Ltd. (NALCO) have cut prices of zinc and aluminium in line with the global trend. Hindustan Zinc has slashed zinc prices by Rs8,800, or 6.5%, to Rs127,500 per ton. The company last cut prices by 2% on Sept. 8, and has cut zinc prices four times this month. The price of lead was kept unchanged at Rs137,500 a ton. Hindalco, India's biggest aluminum producer, and rival NALCO cut aluminium prices by Rs5,000 per ton each, to Rs115,500 a ton. With this, the two aluminium majors have cut prices six times this year to match a decline in global rates. Separately, NALCO plans to shut its alumina plant by the end of October for three weeks of maintenance work. Base metals have suffered recently as traders remain fearful of a possible recession in the US following the collapse of the housing sector, especially subprime mortgages. But, most metals rebounded late on Wednesday as the dollar hit a fresh low against the euro.