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08 DECEMBER 2020 AL CIRCLE

Hindalco cuts its aluminium ingot price by INR 2750/t on December 8 in line with global aluminium price fall on LME

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

Hindalco Industries Limited has cut its aluminium ingot and aluminium product prices with effect from Tuesday, December 8, in line with the decline in global aluminium benchmark price on the London Metal Exchange since December 3. With the latest cut, Hindalco's aluminium ingot price has come in at INR 170,250 per tonne, down by INR 2,750 per tonne from INR 173,000 per tonne on December 2.

Hindalco cuts its aluminium ingot price by INR 2750/t in line with global aluminium price fall on LME

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Hindalco’s aluminium product price cut on December 8 has pulled down the price of aluminium wire rod by INR 2,750 per tonne as well. So, the price is now hovering at INR 181,350 per tonne against INR 184,100 per tonne on December 2.

The company is currently selling its aluminium billets at INR 177,350 per tonne, also down by INR 2,750 per tonne from INR 180,100 per tonne.

The three-month futures of aluminium on the London Metal Exchange started decreasing from December 3 from US$ 2051.50 per tonne to US$ 2028 per tonne. By Monday, December 7, the LME aluminium price decreased to stand at US$ 2004 per tonne.  So, currently, LME aluminium three-month futures price is up by US$ 232 per tonne or 13.09 per cent since the beginning of 2020.

AlCircleBiz

Aluminium operations of Hindalco Industries Limited, 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 : DEBANJALI SENGUPTA 2MINS READ

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