Hindalco Industries cuts its aluminium ingot price by INR4250/t with effect from August 3

Hindalco Industries Limited has slashed its aluminium ingot and aluminium products prices, with effect from August 3, 2022. The company has reduced its ingot price by INR 4,250 per tonne or 1.86 per cent to INR 224,000 per tonne on August 3. On July 29, the price came in at INR 228,250 per tonne, seeing a hike of INR 5,500 per tonne from the previous day.

Hindalco’s aluminium wire rod price is now standing at INR 235,100 per tonne, experiencing a cut of INR 4,250 per tonne as well from July 29. Aluminium billets price has recorded at INR 238,100 per tonne as of August 3 versus INR 242,350 per tonne on July 29.

Hindalco Industries links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which dropped by US$21 per tonne on Tuesday, August 2, to stand at US$2,448.50 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.