Hindalco Industries cuts its aluminium wire rod & billet prices for the second day by INR5000/t

Hindalco Industries Limited has back-to-back cut its aluminium products and aluminium ingot prices on October 11 and 12. As per the revised prices revealed, Hindalco’s latest aluminium wire rod price is standing at INR 221,100 per tonne versus INR 226,100 per tonne on October 11. Today, the price has seen a cut of INR 5,000 per tonne, while the price yesterday underwent a slash of INR 5,250 per tonne.

Hindalco’s aluminium billets price is hovering around INR 224,100 per tonne as of October 12, down by INR 5,000 per tonne from INR 229,100 per tonne on the previous day. On October 11, Hindalco’s aluminium billets price witnessed a slash of INR 5,250 per tonne from INR 234,350 per tonne.

Aluminium ingot price has also been reduced by INR 5,000 per tonne on October 12 to stand at INR 210,000 per tonne. On October 11, it stood at INR 215,000 per tonne, down by INR 5,250 per tonne from INR 220,250 per tonne on October 7.

Hindalco Industries has back-to-back cut its aluminium products and aluminium ingot prices in response to the three consecutive days of fall of the three-month futures of aluminium. During October 7-11, the LME aluminium benchmark price contracted by US$136.50 per tonne to settle at US$2,218.50 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.