Hindalco Industries Limited has reduced its aluminium ingot and aluminium products prices back-to-back, with effect from Thursday, December 16. After a cut of INR 2,750 per tonne on December 15, Hindalco’s aluminium ingot price sees another slash of the same amount on December 16 to stand at INR 231,500 per tonne. On December 15, the company’s aluminium ingot price stood at INR 234,250 per tonne compared to INR 237,000 per tonne on the previous day.
Hindalco’s aluminium wire rod price has also been shrunk by INR 2,750 per tonne on December 16 from INR 245,350 per tonne to INR 242,600 per tonne. The latest cut has brought the aluminium billets price to INR 245,600 per tonne, which is down by INR 2,750 per tonne as well from INR 248,350 per tonne.
Hindalco Industries has back-to-back cut its aluminium prices on December 15 and 16 in line with the two consecutive days of fall in the LME aluminium benchmark price. Like any other Indian aluminium producers, Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which plunged on December 14 by US$41 per tonne to US$2,636 per tonne. The price also stooped further down by US$39 per tonne to close at US$2,597 per tonne as of December 15.
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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