Hindalco Industries Limited continued to trim its aluminium ingot and aluminium products prices in line with the downtrend price on the London Metal Exchange. With effect from June 14, Hindalco slashed its aluminium ingot price by INR 8,000 per tonne or 3.3 per cent to INR 234,750 per tonne. On June 11, the company’s aluminium ingot price stood at INR 242,750 per tonne, seeing a cut of INR 5,500 per tonne or 2.22 per cent.
Hindalco Industries also reduced its aluminium wire rod price by INR 8,000 per tonne from INR 253,850 per tonne on June 11 to INR 245,850 per tonne on June 14. Aluminium billets price was no exception but experienced a cut by the same amount to INR 248,850 per tonne. With effect from June 11, the price came in at INR 256,850 per tonne, down by 2 per cent from the previous day.
Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which sloped down further by US$107 per tonne from US$2,695 per tonne on June 10 to US$2,588 per tonne on June 14.
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.
Responses
