Hindalco Industries Limited has continued reducing the prices of its aluminium ingot and aluminium products, effective from Friday, February 10, for the past week. Today’s deduction marks the third consecutive cut bringing the company’s aluminium ingot price to INR 230,250 per tonne, down by INR 5,000 per tonne or 2.13 per cent from INR 235,250 per tonne on February 7.
With the latest cut, Hindalco’s aluminium wire rod price has come in at INR 241,350 per tonne, also down by INR 5,000 per tonne from INR 246,350 per tonne on Tuesday, February 7.
After the three continuous cuts for over a week, Hindalco’s aluminium billets price has stopped at INR 244,350 per tonne as of February 10, in contrast with INR 249,350 per tonne on the previous cut.
Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which has been declining since the beginning of the current month. During February 1-9, the LME aluminium benchmark price tumbled by US$186.50 per tonne or 7.13 per cent from US$2,611 per tonne to US$2,424.50 per tonne.
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.
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