Hindalco extends aluminium ingot price cut by INR1500/t to INR168,750/t with effect from December 9
Hindalco Industries Limited extended its aluminium ingot and aluminium product price cut on Wednesday, December 9, despite a hike in global aluminium benchmark price on the London Metal Exchange. Hindalco’s aluminium ingot price has been reduced by INR 1,500 per tonne to INR 168,750 per tonne, compared with the cut of INR 2,750 per tonne to INR 170,250 per tonne on December 8. This shows Hindalco’s aluminium ingot price was reduced slower by INR 1,250 per tonne on December 9.
Hindalco’s aluminium wire rod price, as of December 9, came in at INR 179,850 per tonne, down by INR 1,500 per tonne from INR 181,350 per tonne on December 8. The company’s aluminium billets price has also been cut by INR 1,500 per tonne from INR 181,350 per tonne to INR 175,850 per tonne.
The three-month futures of aluminium on the London Metal Exchange increased on December 9 to US$ 2010 per tonne, following a plunge on December 8 from US$ 2004 per tonne to US$ 1986 per tonne. Currently, LME aluminium three-month futures price is up by US$ 238 per tonne or 13.43 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.
LME aluminium price rebounded to $2010/t after a plunge; SHFE price stood higher at $2518/t
Next articleChina’s primary aluminium inventories loss 4000 tonnes this week ending on December 10
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