Hindalco cuts its aluminium ingot price for the fourth consecutive time by INR3000/t on Dec. 20

Hindalco Industries Limited has continued to cut its aluminium ingot and aluminium products prices for the fourth time in a row, effective from Tuesday, December 20. After a cut of INR 1,500 per tonne on December 17, Hindalco has further reduced its aluminium ingot price by INR 3,000 per tonne to stand at INR 221,500 per tonne as of December 20.

Hindalco’s aluminium wire rod price has also been cut by INR 3,000 per tonne or 1.34 per cent on December 20 to INR 232,600 per tonne. On December 17, the wire rod price stood at INR 235,600 per tonne, down by INR 1,500 per tonne from INR 237,100 per tonne.

Hindalco’s aluminium billets price has also suffered a loss of INR 3,000 per tonne on December 20 to peg at INR 235,600 per tonne versus INR 238,600 per tonne on December 17.

Hindalco has further reduced its aluminium ingot and aluminium products prices in line with the continued drop of the three-month futures of aluminium on the London Metal Exchange by US$27 per tonne over the weekend to settle at US$2,327 per tonne as of December 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.