Hindalco back-to-back cuts aluminium wire rod & billets prices by INR3000/t on August 4

Hindalco Industries Limited back-to-back reduced its aluminium products and aluminium ingot prices, with effect from August 4, following a slash of INR 4,250 per tonne on August 3. On August 4, the company cut its aluminium wire rod price by INR 3,000 per tonne or 1.28 per cent to stand at INR 232,100 per tonne versus INR 235,100 per tonne on the previous day.

Hindalco’s aluminium billets price also saw a trim of INR 3,000 per tonne on August 4 to come in at INR 235,100 per tonne, compared to INR 238,100 per tonne on August 3. Aluminium ingot price was no exception but saw a cut by the same amount from INR 224,000 per tonne to INR 221,000 per tonne as of August 4.

Hindalco Industries links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which has been on a downward spree since August 2. In the past two days, the price dwindled by US$74.50 per tonne from US$2,448.50 per tonne on August 2 to US$2,374 per tonne on August 4.

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.