Hindalco Industries Limited has slashed its aluminium ingot and aluminium products prices, with effect from July 6, following a hike on the previous day. Hindalco has axed its aluminium ingot price by INR 4,750 per tonne or 2.12 per cent to INR 219,000 per tonne. On July 5, the company’s ingot price stood at INR 223,750 per tonne, witnessing a rise of INR 3,000 per tonne.
Hindalco’s aluminium wire rod price has also been cut by INR 4,750 per tonne on July 6, following an increase of INR 3,000 per tonne on July 5. Therefore, the wire rod price as of July 6 has come in at INR 230,100 per tonne as against INR 234,850 per tonne on the previous day.
Hindalco’s aluminium billets price has undergone a cut of INR 4,750 per tonne on July 6 to INR 233,100 per tonne versus INR 237,850 per tonne on July 5 after being grown by INR 3,000 per tonne.
Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which as per the data, plunged by US$57.50 per tonne on July 5 to stand at US$2,374 per tonne, following a rise of US$47.5 per tonne to US$2,431.50 per tonne on July 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.
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