Hindalco cuts aluminium ingot price by 2% after three consecutive hikes
Hindalco Industries Ltd has cut prices of its aluminium ingots, billets and wire rods by 2% after hiking them for the third time in a row. With effect from June 1, the price for Hindalco aluminium ingots now stands at INR 133,000 per tonne, a decrease of 2.03% or INR 2,750 per tonne from INR 135,750 per tonne on May 30.
With the latest cut, Hindalco wire rods and billets price has declined by 1.87% or INR 2,750 per tonne and 1.93% or INR 2,750 per tonne from May 30 to stand at INR 144,100 per tonne and INR 140,100 per tonne.
The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down nearly 16% so far in 2020 due to slower global demand following the coronavirus outbreak. Aluminium prices are expected to remain under pressure due to the Coronavirus pandemic.
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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