Hindalco Industries continues to reduce aluminium prices by INR5250/t with effect from October 23

Hindalco Industries Limited has decreased its aluminium products and aluminium ingot prices with effect from Saturday, October 23, bringing its aluminium wire rod price to INR 267,100 per tonne. That was down by INR 5,250 per tonne or 1.93 per cent from INR 272,350 per tonne on October 22.

Hindalco’s aluminium billets price also saw a cut of INR 5,250 per tonne on October 23 from INR 271,850 per tonne to INR 266,600 per tonne. The company’s aluminium ingot price also plunged by INR 5,250 per tonne to INR 256,000 per tonne, which on October 22 stood at INR 261,250 per tonne.

Hindalco Industries Limited links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which further decreased by US$64 per tonne from US$3,014 per tonne on October 21 to US$2,946 per tonne on October 22. However, on a month-on-month calculation, the price stood up by US$59 per tonne from US$2,887 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.