Hindalco cuts aluminium ingots price by nearly 1% with effect from February 5
Hindalco Industries Ltd has reduced the prices of aluminium ingots, billets, and wire rods by nearly 1%. With effect from February 5, the aluminium ingot price now stands at INR 137,250 per tonne, a drop of 1.8% from INR 138,750 per tonne on February 4. This is the second time in a row that the company has dropped the prices of its aluminium ingots.
Hindalco has cut the prices of wire rods and billets by 1% and 1.03% from February 4. The prices for Hindalco products now stand at INR 147,850 per tonne and INR 143,850 per tonne, from INR 149,350 per tonne and INR 145,350 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 6% in the current quarter as compared to the end of the previous quarter.
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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