Hindalco continues to cut its aluminium billets price by 1% with effect from September 7
Hindalco Industries Limited has continued to reduce its aluminium products and aluminium ingot prices, with effect from Wednesday, September 7, in response to the relentless downfall of the LME aluminium benchmark price. Hindalco has cut its aluminium billets price by INR 2,500 per tonnes or 1.12 per cent to INR 221,350 per tonne.
Hindalco’s aluminium wire rod price has also experienced a cut of INR 2,500 per tonne to stand at INR 218,350 per tonne on September 7 versus 220,850 per tonne on September 2. With the latest cut, the company’s aluminium ingot price is standing at INR 207,250 per tonne, in contrast to INR 237,850 per tonne last week.
Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which slipped by US$46 per tonne in three working days from US$ 2,306 per tonne on September 1 to US$2,260 per tonne on September 6.
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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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