Hindalco Industries cuts its aluminium billets price by over 1.5% to INR251,600/t w.e.f. October 1

Hindalco Industries Limited decreased its aluminium products prices with effect from Friday, October 1, a day after it increased the prices on September 30. The latest cut has brought the company’s aluminium billets price to INR 251,600 per tonne, down by INR 4,500 per tonne or 1.76 per cent from INR 256,100 per tonne on September 30.

Hindalco’s aluminium wire rod price also declined by INR 4,500 per tonne to come in at INR 255,600 per tonne on October 1, in comparison with INR 260,100 per tonne on September 30.

The company is currently selling its aluminium ingot at INR 244,500 per tonne in contrast to the selling price of INR 249,000 per tonne on September 30.

Hindalco Industries Limited links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which increased by US$14 per tonne to US$2,865 per tonne on October 1, following a plunge on the previous day by US$62 per tonne to US$2,851 per tonne. On a month-on-month basis, the price is up by US$197.50 per tonne from US$2,667.50 per tonne, and on a year-on-year calculation, it is higher by US$1,149 per tonne than US$1,716 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.