Hindalco amends aluminium ingot price after a week, cuts it by INR5500/t in line with LME price downtrend

Hindalco Industries Limited has slashed its aluminium ingot and aluminium products prices, with effect from Tuesday, December 13, following a hike a weak ago. According to the latest price chart revealed by the company, aluminium ingot price has experienced a cut of INR 5,500 per tonne or 2.36 per cent to stand at INR 227,250 per tonne as of December 13 versus INR 232,750 per tonne on December 6.

Hindalco’s aluminium wire rod price has also seen a decline of INR 5,500 per tonne, with effect from December 13, to peg at INR 238,350 per tonne, compared to INR 243,850 per on December 6. Aluminium billets price is no exception but also undergone a fall by the same amount to come in at INR 241,350 per tonne.  On December 6, the price stood at INR 246,850 per tonne after been raised by INR 4,500 per tonne from INR 242,350 per tonne.

Hindalco reduced its aluminium ingot and aluminium products prices in line with the downtrend of the three-month futures of aluminium on the London Metal Exchange for about a week. During December 6-12, the LME aluminium benchmark price recorded a decline of US$71 per tonne from US$2,461 per tonne to US$2,390 per tonne.

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