Hindalco Industries Limited has reduced the prices of its aluminium products and aluminium ingot with effect from Wednesday, November 25, in line with the downtrend in global aluminium benchmark price on the London Metal Exchange after November 19. Hindalco has cut its aluminium wire rod price by INR 2,000 per tonne or 1.11 per cent to INR 178,600 per tonne, as against INR 180,600 per tonne on November 19.
The company’s aluminium billets price has also been reduced by INR 2,000 per tonne from INR 176,600 per tonne to INR 174,600 per tonne.
With the latest cut, Hindalco’s aluminium ingot price has come in at INR 167,500 per tonne, also down by INR 2,000 per tonne from INR 169,500 per tonne on November 19.
Hindalco links its aluminium ingot and aluminium product prices to the three-month futures of aluminium on the London Metal Exchange, which after November 19, decreased by US$ 16 per tonne from US$ 1983 per tonne to US$ 1967 per tonne, as of November 25.
Nonetheless, LME aluminium three-month futures price is currently up by US$ 195 per tonne or 11 per cent since the beginning of 2020.
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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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