Domestic Zinc prices slashed

Hindustan Zinc Ltd., India's largest producer of the metal, has slashed prices for the first time this month following a decline in global rates on the London Metal Exchange (LME).

The company has cut the price of zinc by Rs 8,400 per metric ton, or 4.8%, to Rs 168,000. Zinc gained US $74.75 to US $3,324.75 per ton yesterday on LME.

Hindustan Zinc has also reduced lead prices by 3% to Rs 94,700 a ton.

Lead increased US $45, or 2.5%, to US $1,860 a ton yesterday after Xstrata said that it was maintaining force majeure at a UK plant that may exacerbate a shortage of the metal used in car batteries. Lead prices are up 55% in the last 12 months. It touched a record US $1,975.14 on March 2.

The price cuts are effective immediately.