Hindalco Industries Limited has reduced the prices of its aluminium ingots by 1.26%. With effect from March 19, the price for Hindalco aluminium ingots now stands at INR 136,750 per tonne, from INR 138,500 per tonne on March 18. This is the third time in a row that the company has dropped the prices of its products.
The prices of wire rods and billets have declined by 1.17% and 1.21% to stand at INR 147,350 per tonne and INR 143,350 per tonne on Thursday, 19 March 2020. The prices of these products were INR 149,100 per tonne and INR 145,100 per tonne on March 18.
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 10% in the current quarter due to slower demand in China following the coronavirus outbreak.
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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