Hindalco continues to reduce its aluminium ingot price by INR5500/t with effect from August 18

Hindalco Industries Limited has further slashed its aluminium ingot and aluminium products prices, with effect from Thursday, August 18, following a dip last week, August 13. Hindalco’s aluminium ingot price has been reduced by INR 5,500 per tonne or 2.4 per cent to INR 223,500 per tonne. On August 13, the price stood at INR 229,000 per tonne, down by INR 1,750 per tonne from the previous day.

Hindalco’s aluminium wire rod price has also experienced a cut of INR 5,500 per tonne on August 18 to come in at INR 234,600 per tonne versus INR 240,100 per tonne on August 13. The current price cut has brought the company’s aluminium billets price to INR 237,600 per tonne, down by INR 2.26 per cent from INR 243,100 per tonne last week.

Hindalco Industries links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which decreased by US$54.50 per tonne during August 12-17 from US$2,468.50 per tonne to US$2,414 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.