Hindalco back-to-back cuts its aluminium wire rod, billets price to sell them at INR231,350/t & INR236,600/t

Hindalco Industries Limited has cut its aluminium products and aluminium ingot prices for the two successive days – November 17 and 18.  On Thursday, November 17, Hindalco trimmed its aluminium wire rod price by INR 1,750 per tonne from INR 235,350 per tonne on November 16 to INR 233,600 per tonne on November 17. The next day, November 18, Hindalco’s aluminium wire rod price further saw a cut of INR 2,250 per tonne to INR 231,350 per tonne.

Hindalco’s aluminium billets price was also curtailed by INR 1,750 per tonnes on November 17 from INR 238,350 per tonne to INR 236,600 per tonne, followed by a cut of INR 2,250 per tonne on November 18 to peg at INR 234,350 per tonne.

Hindalco’s aluminium ingot price was no exception but experienced cuts on November 17 and November 18 by INR 1,750 per tonne and INR 2,250 per tonne, respectively, to stand at INR 222,500 per tonne and INR 220,250 per tonne.

Hindalco reduced its aluminium products and ingot prices for two consecutive days in response to a back-to-back fall in the three-month futures of aluminium on the London Metal Exchange. The LME aluminium benchmark price fell by US$17 per tonne on November 16 to US$2,393 per tonne and further plunged by US$50.50 per tonne to settle at US$2,342.50 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.