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13 JUNE 2020 AL CIRCLE

Hindalco cuts aluminium ingot price by INR 2,000/t with effect from June 12

EDITED BY : HEENA IQBAL 2MINS READ

Hindalco Industries Ltd has reduced its aluminium products price after four hikes in a row. With effect from June 12, Hindalco aluminium ingots price now stands at INR 138,750 per tonne, a drop of 1.42% or INR 2,000 per tonne from INR 140,750 per tonne on June 11.

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The company is now selling its wire rods and billets at INR 149,850 per tonne and INR 145,850 per tonne with effect from Friday, 12 June 2020, marking a decline of INR 2,000 per tonne each from June 11.

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 more than 10% 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.

Hindalco Industries closed the financial year 2019-20 (FY20) with 31% decline in its consolidated net profit at INR 3,767 crore as compared to INR 5,495 crore in the preceding fiscal. The consolidated revenue from operation dropped by 9% to INR 1.18 lakh crore against INR 1.31 lakh crore in the financial year 2018-19.

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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EDITED BY : HEENA IQBAL 2MINS READ

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