Hindalco back-to-back trims its aluminium ingot price to INR303000/t as LME sheds off

Hindalco Industries Limited has reduced its aluminium ingot and aluminium products prices back-to-back on two consecutive days as LME aluminium benchmark price has been shedding off since March 29. With effect from Thursday, March 31, Hindalco’s aluminium ingot price has been slashed by INR 7,000 per tonne to stand at INR 303,000 per tonne. On the previous day (March 30), the price stood at INR 310,000 per tonne after being cut by INR 3,000 per tonne from INR 313,000 per tonne.

Hindalco’s aluminium wire rod price has also been trimmed by INR 7,000 per tonne on March 31 from INR 321,100 per tonne to INR 314,100 per tonne. With effect from March 31, the company’s aluminium billets price has come in at INR 317,100 per tonne, also down by INR 7,000 per tonne from the previous day.

Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which during March 29-30 slipped by US$37 per tonne to stand at US$3,569 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.