Hindalco chops its aluminium ingot price by INR6250/t with effect from February 16

Hindalco Industries Limited chopped its aluminium ingot and aluminium products prices on Wednesday, February 16, following a hike of INR 9,500 per tonne on the previous day. With effect from February 16, Hindalco’s aluminium ingot price was cut by INR 6,250 per tonne from INR 285,500 per tonne on February 15 to INR 279,250 per tonne.

Hindalco’s aluminium wire rod price also saw a slash of INR 6,250 per tonne, with effect from February 16, from INR 296,600 per tonne to INR 290,350 per tonne. Aluminium billets price came in at INR 293,350 per tonne as of February 16 versus INR 299,600 per tonne on 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 shrank by US$83 per tonne on February 15 to US$3,223 per tonne. However, the price stood up by nearly US$245.50 per tonne on the month from US$2,977.50 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.