Hindalco cuts its aluminium ingot price by INR 3,500/t with effect from March 27

Hindalco Industries Limited has cut the prices of its aluminium ingots, wire rods, and billets for the fifth time in a row. With effect from March 27, the price for Hindalco aluminium ingots now stands at INR 131,000 per tonne, a drop of 2.6% or INR 3,500 per tonne from INR 134,500 per tonne on March 24.

The company is now selling its wire rods at INR 141,600 per tonne. That was down 2.41% from INR 145,100 per tonne. The price of Hindalco billets has reduced by 2.48% or INR 3,500 per tonne from March 24 to stand at INR 137,600 per tonne. The prices of these products were 141,100 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 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.