Hindalco Industries cuts its aluminium ingot price by 1% to INR212750/t on July 13

Hindalco Industries Limited decreased its aluminium ingot and aluminium products prices by INR 2,250 per tonne or 1 per cent with effect from Tuesday, July 13. This has brought the company’s aluminium ingot price to INR 212,750 per tonne from INR 215,000 per tonne on July 10.

Hindalco Industries’ aluminium wire rod price is standing at INR 223,850 per tonne with effect from July 13, also down by INR 2,250 per tonne from INR 226,100 per tonne last week. The company is selling its aluminium billets at INR 219,850 per tonne compared to INR 222,100 per tonne on July 10.

Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which on Monday, July 12, fell by US$ 21 per tonne to stand at US$ 2,449 per tonne. On a month-on-month basis, the price is down by about US$ 41 per tonne from 2,490 per tonne but up on a year on year basis by around US$ 784.50 per tonne from US$ 1,664.50 per tonne.

Aluminium operations of Hindalco, excluding those of its US arm Novelis Inc, generally account for nearly half of its total sales and 70% of its operating profit.