Hindalco Industries cuts its aluminium billets price by INR2500/t or 1% with effect from January 1

Hindalco Industries Limited cut its aluminium billets and aluminium wire rod prices, with effect from Saturday, January 1, 2022. That marked a cut for the second time in a row since December 30. Hindalco’s aluminium billets price came in at INR 257,100 per tonne, down by INR 2,500 per tonne or 1 per cent from INR 259,600 per tonne on December 30.

Hindalco’s aluminium wire rod price also saw a slash of INR 2,500 per tonne on January 1 from INR 256,600 per tonne to INR 254,100 per tonne. The company’s aluminium ingot price witnessed no exception but a decline of INR 2,500 per tonne as well. Thus, the price has come in at INR 243,000 per tonne on January 1 from INR 245,500 per tonne on December 30.

Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which on December 30 and 31 fell by US$5.50 per tonne and US$23.50 per tonne, respectively, to settle at US$2,806 per tonne. On a month-on-month basis, the price stood up by nearly US$171 per tonne from US$2,635 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.