India: NALCO raises aluminium ingot price by INR 2,100/t amid firm LME market

• NALCO raises aluminium price by 0.6% to INR 367,600/t, effective 19 Sep
• LME aluminium gains 2% in Sep amid falling stocks, Middle East disruptions

National Aluminium Company Ltd. (NALCO) has raised its aluminium price by INR 2,100/t, or 0.6%, to INR 367,600/t, compared with INR 365,500/t on 16 September. The revised price is effective from 19 September 2026.

The increase follows a firmer global aluminium market. LME prices have remained above $3,250/t amid declining exchange inventories and continued supply concerns linked to Middle East disruptions.

LME aluminium remains firm amid supply concerns

The LME three-month aluminium contract closed at $3,289/t on 18 September. This was 1.5% higher than $3,242/t on 1 September. Prices climbed during the first half of the month, reaching a recent high of $3,357/t on 10 September before correcting.

Meanwhile, LME aluminium stocks fell to 242,600 t on 18 September from 246,825 t on 1 September. The drawdown stood at 4,225 t, or 1.7%. Inventories remain relatively low, keeping physical supply conditions supportive.

Global aluminium prices remain supported by Middle East supply disruptions, with Aluminium Bahrain operating at around 80% of pre-conflict capacity. Chinese inventories also fell by 63,000 t in the week to 18 September amid pre-holiday restocking and logistics disruptions. However, recovering ex-China capacity and stable Chinese output could limit further gains.

Domestic aluminium prices remain firm

Indian aluminium producers have maintained relatively firm prices during September. The moves broadly reflect the recovery in global aluminium benchmarks.

BALCO’s aluminium price stood at INR 379,000/t on 19 September. This compares with INR 383,250/t on 11 September, representing a decline of INR 4,250/t, or 1.1%.

In contrast, Hindalco’s comparable price rose to INR 373,250/t on 17 September from INR 368,750/t on 12 September. The increase was INR 4,500/t, or 1.2%.

NALCO’s latest revision comes after its price declined to INR 365,500/t on 16 September from INR 371,500/t on 11 September. The subsequent increase brings the price to INR 367,600/t, partially reversing the earlier decline.

Overall, the latest NALCO price increase reflects firm global aluminium benchmarks and tighter exchange inventories. Middle East supply disruptions continue to support prices. However, recent corrections from the September peak and recovering supply could limit further gains.