Hindalco Industries Limited has reduced its aluminium ingot and aluminium product prices, from Thursday, November 24, following a hike the previous day. As per the data, Hindalco has curtailed its aluminium ingot price by INR 2,500 per tonne to sell the product at INR 222,750 per tonne from INR 225,250 per tonne a day before.
As per the revised prices revealed, Hindalco’s latest aluminium billets price stands at INR 236,850 per tonne on November 24 versus INR 239,350 per tonne on November 23. Today, the price has seen a cut of INR 2,500 per tonne, while the product underwent a hike of INR 4,500 per tonne a day before.
Aluminium wire rod price is no exception but recorded a cut of the same amount to clock at INR 233,850 per tonne versus INR 236,350 per tonne a day before. On November 23, Hindalco had expanded its aluminium wire rod price by INR 4,500 per tonne.
Hindalco links its aluminium ingot and aluminium product prices to the three-month futures of aluminium on the London Metal Exchange, which went down by US$30 per tonne to US$2,364 per tonne on November 23.
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.