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NALCO aluminum prices up by INR 4000 per tonne

Reuters reported that Indian state run National Aluminum Company Limited has raised the domestic prices of its aluminum products by INR 4,000 per tonne except for rolled products.

The official who did not wish to be identified due to company policy said that the prices have been increased in line with the London Metal Exchange rates. The basic price of standard aluminum ingots and standard aluminum sow ingots has been increased to INR 152,200 per tonne.

He said that however the increase in price of rolled product has been increased only by INR 2,500. Krishnapatnam Port to grow bigger

Mr Chinta Visweswar Rao chairman of Krishnapatnam Port Company said that developer and operator of an all weather deep water port at Krishnapatnam in Andhra Pradesh plans to invest INR 2,000 crore more to improve cargo handling efficiencies to meet the growing demand from local industries.

The fresh investment is in addition to INR 4,000 crore for the Phase II expansion announced in March 2009 by the company part of the Hyderabad-based CVR group with a turnover of USD 5 billion and an order book of USD 10 billion.

The Phase I involving an investment of INR 1,400 crore with an installed capacity of 25 million tonnes a year took off in July 2008, while the Phase II is scheduled to take off by January 2012. Mr Rao said a few districts around the port had witnessed a significant economic development in the last couple of years with several multi-product special economic zones and agri based and port based manufacturing facilities coming up requiring huge import and export handling facilities. Apart from coal-fired power projects several palm oil and sugar refineries have already come up and more are lined up in the region.

The port is also gearing up to meet the demand for iron ore exports following Karnataka government lifting ban on iron ore exports. KPCL plans to increase installed capacity to around 70 million tonnes a year by 2012 end from the 45 million tonnes planned in the Phase II.

The port had handled around 16 million tonnes of cargo in 2009 to 2010 had set an internal target of reaching 35 million tonnes during 2010 to 2011 but could only reach little over 16 million tonnes owing to ban on iron ore exports, which constituted a major part of its cargo.

Mr Rao said “We expect to handle at least 35 million tonnes of cargo during the current fiscal year, where iron ore would constitute some 12million to 14 million tonnes while 21million to 23 million tonnes would come from local industry.”

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