Hindalco again cuts its aluminium prices w.e.f August 11 after an intermittent hike; Ingot price now stands at INR14900/t
Hindalco Industries Limited has reduced its aluminium ingot and aluminium product prices with effect from Tuesday, August 11, following a hike on August 8. The company is now selling its aluminium ingot at INR 14,900 per tonne, down by INR 1,250 per tonne or 1 per cent from INR 150,250 per tonne on August 8.
With the latest reduction, Hindalco’s aluminium wire rod price has come in at INR 160,100 per tonne, while earlier the price was at INR 161,350 per tonne on August 8 – a decrease of INR 1,250 per tonne or 1 per cent. The company’s aluminium billet price is now at INR 156,100 per tonne versus INR 157,350 per tonne on August 8.
Like any other major Indian aluminium producers, Hindalco links its aluminium prices to the three-month futures of the metal on the London Metal Exchange. In the last one week during August 5-11, the three-month aluminium futures price on LME trended up from US$ 1739 per tonne to US$ 1749.50 per tonne, but with a few intermitted downfalls. The the overall decline in the three-month futures price of aluminium on LME has now come down to 1.27 per cent so far this year.
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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.
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