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Thursday, Apr 27, 2006

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HZL hikes prices again

Dhimant Bhatt

Mumbai , April 26

Rising zinc prices have prompted Hindustan Zinc Ltd (HZL) to hike its selling prices by Rs 10,200 a tonne on Wednesday.

In April alone, the domestic zinc manufacturer has raised the price of the metal by Rs 40,800 per tonne or 29 per cent.

The company on Wednesday marked prices upward to Rs 1,82,700 (Rs 1,72,700 as on April 20) for special high grade (SHG) and Rs 1,82,500 (Rs 1,72,500) for high grade (HG).

This is seventh time that the company has increased its selling prices, since beginning of the month in line with rising international prices.

"Domestic prices have risen by nearly 36 per cent this month following strong LME market. London prices have moved up by 24 per cent mainly due to strong demand from China coupled with a tight concentrate market and falling LME warehouse stocks," a local dealer said.

All-time high

Zinc prices in Mumbai have risen to an all-time high of Rs 1,94,000 per tonne on Wednesday, up from Rs 1,42,000 quoted on April 1.

"The position for zinc looking forward to the rest of 2006 remains predominantly bullish," Mr Milind Vora, an analyst with Maverick Commodities, said.

LME three-month zinc hit a new record of $3,405 a tonne in Asian market on Wednesday. Zinc price in LME has so far risen to $3,405 a tonne from $1,912 (January 3, 2006), due to firm fundamentals.

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